Johnson Controls Hikes Quarterly Dividend by 26%

Johnson Controls International plc (JCI), the manufacturer of security equipment for buildings, recently announced a quarterly dividend of $0.34 per share, an increase of about 26% from the previous dividend of $0.27.

Following the news, shares of the company appreciated marginally to close at $79.60 in the extended trading session on Wednesday.

The dividend will be paid on January 14, 2022, to shareholders of record as of December 17, 2021.

Dividend Yield

The company’s annual dividend of $1.36 per share now reflects a dividend yield of 1.7% based on Wednesday’s closing price.

Management Commentary

The CEO of Johnson Controls, George Oliver, said, “Johnson Controls’ continued strong operating performance, robust backlog and exciting growth markets ideally positions us to execute on our strategy to deliver smart, healthy sustainable building solutions to customers, while delivering on our commitments to return cash to shareholders.”

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Price Target

Last month, Wells Fargo analyst Joe O’Dea reiterated a Buy rating on the stock. The analyst, however, raised the price target from $82 to $83, which implies upside potential of 4.4% from current levels.

Consensus among analysts is a Strong Buy based on 8 Buys and 3 Holds. The average Johnson Controls price target of $83.91 implies upside potential of 5.5% from current levels.

Smart Score

Johnson Controls scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 73.7% over the past year.

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