In May 2016 I received two shares of Ingevity Corporation (NGVT), which was spun off from my shares of Westrock Company (WRK). The stock has not paid any dividends, but the value of the two shares moved up from about $43 to over $125 in less than a year.
Due to two sales over the past year as well as some other loose cash in my nonPension portfolio, I had a total of about $400 in investible cash. NGVT seemed like the perfect stock to remove from my portfolio so that I can make another $500 investment in a dividend growth company. And the high valuation made selling even more compelling.
Next week, I will add another dividend growth stock to my portfolio, bringing the total number to 44 if you do not count Adient PLC (ADNT), which is also a stock I own due to a spin-off of another company, and which recently has begun paying a small dividend.
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