Last week, I unloaded my 100 shares of UL @ $48.07 because
1. the PE is in the mid 20's.
2. the dividends received have decreased over the last two/three years (due to forex).
3. given Brexit, i don't believe the Euro (in which dividends are declared) is going to appreciate relative to the USD. So dividend payments in USD will continue to be low for some time to come.
4. my average dividend yield analysis shows that $40 is a fair and $35 is undervalued. So $48 is a little high.
5. i don't understand why the stock suddenly rallied to $48. It might be due to Mondelez making a bid for Hershey.