Consumer goods giant The Procter & Gamble Company (NYSE: PG) recently announced a quarterly dividend of $0.91 per share, an increase of about 5% from the previous dividend of approximately $0.87.
Following the news, shares of the company gained marginally to close at $159.12 in Tuesday’s extended trading session.
The dividend will be paid on May 16, 2022, to shareholders of record as of April 22, 2022.
The company’s annual dividend of $3.65 per share now reflects a dividend yield of 2.3% based on Tuesday’s closing price.
Procter & Gamble has been raising its quarterly dividend consistently over the past seven decades, making it an attractive choice for investors.
Wall Street’s Take
Recently, Raymond James analyst Olivia Tong initiated coverage on the stock with a Buy rating and a price target of $175, which implies upside potential of 10.1% from current levels.
Consensus among analysts is a Moderate Buy based on nine Buys and six Holds. PG’s average price target of $167.54 implies upside potential of 5.4% from current levels. Shares have gained 17.7% over the past year.
Investors’ Stance
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on PG, as 14.6% of portfolios tracked by TipRanks increased their exposure to PG stock over the past 30 days.
Key Takeaway
With a stellar track record of dividend payouts over the past decades, Procter & Gamble’s move of a dividend hike is expected to attract investors looking for stable dividend payments.
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