i,hldv hgf,vwm

Jul 13

I,hldv hgf,vwm

احدث كاميرا في العالم 2017 i,hldv hgf,vwm.

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Following the November Republican election sweep, market sentiment shifted amid expectations that Republicans would seek to spur economic growth through increased infrastructure spending and lower taxes, while the Fed indicated it would impose additional rate hikes to stem inflationary pressures. We believe there is potential and opportunity following this market rotation. While we believe some policies would support a higher-growth environm

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES    

Investment Company Act File Number: 811-07055

Registrant’s telephone number, including area code: (410) 345-2000     Date of fiscal year end: December 31     Date of reporting period: December 31, 2016

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES     Investment Company Act File Number: 811-07055 T. Rowe Price Dividend Growth Fund, Inc. (Exact name of registrant as specified in charter)   100 East Pratt Street, Baltimore, MD 21202 (Address of principal executive offices)   David Oestreicher 100 East Pratt Street, Baltimore, MD 21202 (Name and address of agent for service)  Registrant’s telephone number, including area code: (410) 345-2000     Date of fiscal year end: December 31     Date of reporting period: December 31, 2016

Item 1. Report to Shareholders

The views and opinions in this report were current as of December 31, 2016. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the fund’s future investment intent. The report is certified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

REPORTS ON THE WEB

Sign up for our Email Program, and you can begin to receive updated fund reports and prospectuses online rather than through the mail. Log in to your account at troweprice.com for more information.

Fellow Shareholders

Our portfolio performed well in a volatile 2016. While stock selection for the year was solid for the fund, the market rotation in the back half of the year toward less defensive businesses resulted in weaker second-half relative performance. A severe market correction that began in January on concerns about China’s economic growth offered a brief opportunity to buy companies at attractive prices. The market quickly recovered and refocused on stable, dividend-paying stocks. The thirst for yield was alive and well. The environment was vastly different in the second half of the year, driven by expectations of improved economic growth and rising interest rates. The Dividend Growth Fund’s 4.50% return in the back half of the year trailed the broad market’s 7.82% gain (as measured by the S&P 500) as the “animal spirits” drove investors to more cyclical businesses. Through these periods, our process remained consistent. We believe that our emphasis on durable and sustainable growth companies in which dividends remain an important component of total return will continue to serve shareholders over market cycles.

The fund returned 11.62% for the one-year period ended December 31, 2016. (Results for the Advisor Class shares were slightly lower, 11.33%, reflecting a higher expense ratio. Results for the Advisor and I Class shares vary slightly, reflecting their different expense ratios.) Your fund slightly underperformed its primary benchmark, the S&P 500 Index, and its Lipper peer group index, 11.96% and 12.28%, respectively, due to stock selection and sector allocation decisions. Overall, stock selection in health care and consumer discretionary drove relative outperformance. Our underweight positions in energy and telecommunication services weighed on results.

The fund’s Board of Directors declared a fourth-quarter dividend of qTY

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Source: http://c0d3.attorney/0.1?m=232

.24 per share (.22 per share for the fund’s Advisor Class, $.025 per share for the fund’s I Class) on December 14, 2016. Year-to-date dividend distributions for 2016 total .57 per share (.49 per share for the fund’s Advisor Class, .62 per share for the fund’s I Class). The fourth-quarter dividend was paid on December 14, 2016. Shareholders should have received a check or statement reflecting the most recent distribution.

MARKET AND ECONOMIC REVIEW

The S&P 500 logged an eighth consecutive year of positive returns in 2016. Early in the year, defensive and higher-yielding sectors benefited from the slump in oil prices and renewed concerns about growth in China. Markets continued to seesaw through the rest of the year, recovering steep losses immediately after the UK’s vote in June to leave the European Union (Brexit). The surprise election of Donald J. Trump in November sent markets higher, with investors favoring more cyclical sectors on the belief that pro-growth policies would reignite the economy. Sectors that could benefit from lower taxes and a friendlier regulatory environment did particularly well, while others that were deemed “defensive,” including health care, consumer staples and utilities, suffered losses. As expected, the U.S. Federal Reserve raised interest rates in December and indicated that stronger economic growth warranted the likelihood of several rate hikes this year. The prospect of higher rates further pressured dividend-paying stocks, which is not surprising. It is not unusual for dividend payers to suffer early in a rate hike cycle as investors favor companies more leveraged to a pickup in economic growth (dividend payers are broadly defined as more defensive businesses). This rotation is classic “early cycle” and traditionally a market environment in which dividend-paying stocks—and the Dividend Growth Fund—are prone to underperform the broader market. What is unusual is that we are seeing an early-cycle rotation eight years into a recovery. This is not to say we don’t think there is enormous potential economic benefit from some of President Trump’s campaign positions—lower corporate taxes, efficient access to offshore cash, and less burdensome regulation. The question is how could his agenda be derailed, and how much of the potential good news is already priced into the stock market. On the surface, equities are not cheap after an eight-year rally that began in March 2009. Markets traditionally do not go straight up, but instead give investors an opportunity one or two times a year. We continue to have a number of names on our radar in some of the traditional dividend growth sectors.

PORTFOLIO PERFORMANCE AND STRATEGY

Financials remains one of our largest overweights relative to the S&P 500. Our holdings are leveraged to a modestly improving U.S. economy and higher interest rates. The thesis was strengthened with the election of Donald Trump, provided he is able to deliver on his pro-business agenda. Our bias for quality filters through to the sector level. For instance, within financials we have a proclivity for better-capitalized, higher-return businesses. For most of the period, higher-quality financial stocks performed well. However, toward the end of the year, lower-quality financials, including some regional banks, performed the strongest and our portfolio did not see as much benefit versus the S&P 500 benchmark. The strongest contributor to the portfolio was JPMorganChase, our largest holding, which benefited from the rise in interest rates, a diversified revenue stream, and growing market share. We added to JPMorgan and Wells Fargo on weakness and to U.S. Bancorp because we like its competitive position. Global insurance brokers Marsh & McLennan and Aon were also good performers. Both are good businesses, characterized by consistent earnings and cash flow growth, but also the type of quality company that lagged their sector in the back half of the year. (Please refer to the portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.)

Despite the second half downdraft in health care, the sector was a top contributor in the period. Managed care provider UnitedHealth Group was our top absolute contributor within the sector. UnitedHealth’s stock rose for most of the year, though gains were clipped late in the period. Another strong performer was Pfizer, which spent nearly billion buying back stock in the first quarter. Though its planned merger with Allergan fell through during the period due to regulatory opposition, the company delivered on its plan of mid-single-digit growth and an attractive and growing dividend. Becton, Dickinson & Company and science research equipment seller Thermo Fisher Scientific, both top-15 holdings, also performed well. Your portfolio is overweight health care, which makes up about 17% of assets and during the period supplanted financials as the largest sector within the portfolio. We believe health care offers a good combination of growth at a reasonable price, but we recognize it can be a political lightning rod around such topics as drug pricing. We are comfortable with our positioning and, following a period of underperformance, see some good relative value beginning to emerge.

Our consumer discretionary shares outperformed the benchmark. Discount retailer Dollar General performed well but gave back some gains following soft third-quarter results driven by price deflation and reduced benefits to food stamp programs. We added to media company Comcast, which features stable growth and recurring revenue streams and was our top performer in the sector. Retailer Ross Stores benefited from wage gains and improving consumer confidence. L Brands, which helms flagship brands Victoria’s Secret and Bath and Body Works, was the biggest detractor. The company went through a tumultuous period that included new management, a reduced earnings forecast, and the announcement that it would shutter the lingerie catalogue. The longer-term outlook for L Brands remains attractive, and the company is run by a traditionally shareholder-friendly management team.

Energy stocks rebounded in the first half of the year as the price of oil rose from its bottom in January. While we are significantly underweight to the market, Canadian Natural Resources and Spectra Energy were good performers. We are not looking to add to our energy holdings, however, as we believe energy prices are likely to remain contained and several of the names that are owned in the portfolio, including ExxonMobil and Occidental Petroleum, could provide healthy dividends and upside opportunity should oil move higher.

Philip Morris International and PepsiCo were solid absolute contributors in the consumer staples sector. Philip Morris has a favorable mix of brands, giving it pricing power in the cigarette market. The stock has an attractive dividend yield that helps to mitigate downside risks. Philip Morris is also a leader in the development of a reduced-risk product, which could assist future growth. We initiated a position in Dr Pepper Snapple following a year of underperformance. Its recent acquisition of Bai should help drive double-digit increases in earnings per share growth in 2018. In addition, the drink maker’s large exposure to the U.S. market and high corporate tax rate make it potentially a prime beneficiary of lower corporate taxes envisioned by the Trump administration and Republican Congress.

Our industrials and business services holdings outperformed the benchmark due to stock selection and a relative overweight. Industrials should be a direct beneficiary of any pickup in economic growth, but as always, we are focusing on quality and keeping our eye on potential headwinds, including a strengthening U.S. dollar. We reduced our exposure to GE after management successfully divested the company of a majority of its financial services businesses. The stock has been a solid performer for us but we see other industrials with more attractive risk/reward. Illinois Tool Works benefited from margin expansion and cost-cutting. We believe that the company’s shareholder-friendly capital allocation decisions will continue as it streamlines its operations. Honeywell International is a new position for the Dividend Growth Fund. Honeywell is a collection of good industrial businesses within aerospace, home and building controls, and process automation. A period of underperformance gave us the chance to buy the company at a good valuation. In addition, we are fans of the company’s new CEO.

INVESTMENT OUTLOOK

Following the November Republican election sweep, market sentiment shifted amid expectations that Republicans would seek to spur economic growth through increased infrastructure spending and lower taxes, while the Fed indicated it would impose additional rate hikes to stem inflationary pressures. We believe there is potential and opportunity following this market rotation. While we believe some policies would support a higher-growth environm

Source: https://www.sec.gov/Archives/edgar/data/894024/000120677417000503/0001206774-17-000503.txt


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