Wal-Mart ranks as most generous company

AT&T and Bank of America round out the top three charitable donators of 2009.

By InvestorPlace Aug 9, 2010 2:48PM

Wal-Mart logo © WalmartIf your charity is looking for a large lump of cash, think about asking companies like Wal-Mart (WMT), AT&T (T) or Bank of America (BAC). In its yearly report, The Chronicle of Philanthropy reported the most generous companies of 2009, and those three headline the list.

 

Wal-Mart took the top spot, having donated more than $288 million in cash last year.  AT&T and Bank of America were not far behind with $240 million and $209 million donated, respectively.  Wells Fargo (WFC) and ExxonMobil (XOM) rounded out the top five.

While these companies certainly dished out the dough, it is worth noting that most of these giants donated much less than they had in previous years.

 

Wal-Mart may have topped the list, but it gave nearly $32 million less than it had in 2008.

 

In fact, General Electric (GE) was the only company in the top 10 to increase its charitable donations, giving over $138 million in 2009 -- an increase of $5 million. Post continues after video:

The Chronicle reported that cash donations declined by 7.5% in 2009, attributing the decline as a sign of the recession.

The report also included a survey on the donation habits of 102 companies, and while 54% of them reported donating less cash than in 2008, 73% predicted that their donations would remain stable this fall.

 

Many companies may have cut down on their cash donations, but others have begun donating products and services to make up for cash declines. Pharmaceutical company Pfizer (PFE) donated over $2.3 billion worth of noncash gifts, while Oracle (ORCL) and Merck (MRK) donated $2.1 billion and $886 million in products respectively.

 

The same survey found that 54% of the listed companies encourage their employees to donate time and volunteer, if giving money was not an option.

 

It will be interesting to see how these large companies rank in 2010, as the broader markets have gained momentum as of late, and companies continue to show positive earnings momentum. If corporate profits are any indication of corporate donations, various charities and foundations should be expecting larger donations than they received in 2009. The earnings per share of the top five 2009 corporate donors (excluding the 1,156% gain from BAC) are expected to grow 18% in 2010.

 

Related articles:

 

 

32Comments
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

133
133 rated 1
286
286 rated 2
441
441 rated 3
737
737 rated 4
614
614 rated 5
606
606 rated 6
621
621 rated 7
441
441 rated 8
317
317 rated 9
122
122 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
BBBYBED BATH & BEYOND INC10
TWXTIME WARNER Inc10
COPCONOCOPHILLIPS9
HDHOME DEPOT Inc9
VZVERIZON COMMUNICATIONS9
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.