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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on May 6

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Linn Energy, Federated Investors, and Sanofi are on the list.

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Many stocks will reach their ex-dividend date next Monday, which is significant for investors as the seller of the stock on that date, not the buyer, receives the most recent dividend.

A stock must be bought one day before the ex-dividend date to claim any dividends that have been announced but not yet paid. The company determines on the record date, which usually occurs two days after the ex-dividend date, which shareholders qualify for the dividend. Shareholders listed as holders of record after the record date then receive their dividend on the date of payment established by the company. Those purchasing right before the record date forfeit the dividend and normally get the stock for a reduced amount.

It may seem an anachronism in this era of high frequency trading, but the dividend rate rules are in force since it can still take up to three business days for transactions to be credited to and settled in an investor's account.

Below are five stocks that schedule May 6 as their ex-dividend date. All annual yields are estimated.

Linn Energy (NASDAQ:LINE) yields 7.57% annually and has a market cap of $9.01 billion. The independent oil and natural gas company will pay a quarterly dividend of $0.725 on May 15, and the quarterly yield will be 1.89% based on Friday's closing price of $38.33. The company has paid a quarterly dividend since 2006, and each dividend payment has either increased or remained the same from the prior quarter.

Federated Investors (NYSE:FII) yields 4.22% annually and has a market cap of $2.29 billion. The asset management holding company will pay a quarterly dividend of $0.24 on May 15, and the quarterly yield will be 1.05% based on Friday's closing price of $22.77. The company has paid a quarterly dividend since the middle of 1998, and each dividend payment has either increased or remained the same from the prior quarter.

Sanofi (NYSE:SNY) yields 3.49% annually and has a market cap of $141.23 billion. The global producer of health care products will pay an annual dividend of $1.8624; the company has not announced the pay date yet. The company has paid an annual dividend since 2003.

Southern Copper Corporation (NYSE:SCCO) yields 2.43% annually and has a market cap of $27.81 billion. The copper mining company operating in Central and South America will pay a quarterly dividend of $0.20 on May 21, and its quarterly yield will be 0.60% based on Friday's closing price of $32.89. The company has paid a quarterly dividend since 1996.

UBS AG (NYSE:UBS) yields 0.91% annually and has a market cap of $61.98 billion. The global provider of asset management and banking services will pay an annual dividend of $0.15 on May 10. The company first paid a dividend from 2000 through 2007, except for 2001. It resumed paying a dividend last year.

These companies also have their ex-dividend date on May 6. All annual yields are estimated.

Access Midstream Partners (NYSE:ACMP) yields 4.45% annually and will pay a quarterly dividend of $0.4675 on May 15.

Magellan Midstream Partners (NYSE:MMP) yields 3.84% annually and will pay a quarterly dividend of $0.5075 on May 15.

Beam (NYSE:BEAM) yields 1.40% annually and will pay a quarterly dividend of $0.225 on June 3.

The Cheesecake Factory (NASDAQ:CAKE) yields 1.21% annually and will pay a quarterly dividend of $0.12 on May 21.

Waste Connections (NYSE:WCN) yields 1.07% annually and will pay a quarterly dividend of $0.10 on May 22.

Purchase -- and have your broker settle -- before the ex-dividend date to secure the dividend.

Twitter: @ChrisWitrak
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