Market News

Scotts Miracle-Gro Rewards Shareholders with 6.5% Dividend Hike; Street Says Buy

Consumer lawn products producer and marketer Scotts Miracle-Gro Company (SMG) has announced a quarterly cash dividend of $0.66 per share, an increase of roughly 6.5% from its previous dividend of $0.62. The dividend will be paid on September 10, 2021 to shareholders of record as of August 27, 2021.

The company’s annual dividend of $2.64 per share reflects a dividend yield of 1.5% based on Friday’s closing price. Notably, SMG has been raising its quarterly dividend consistently over the past eight years, making it an attractive choice for investors. (See Scotts Miracle-Gro stock chart on TipRanks)

Recently, Stifel Nicolaus analyst W. Andrew Carter initiated a Buy rating on the stock with a price target of $220 (24.3% upside potential).

According to Carter, SMG’s long term growth prospects look attractive. The analyst believes that the company remains well-poised to take advantage of the growing U.S. cannabis market through its subsidiary, Hawthorne.

Consensus among analysts is a Strong Buy based on 4 Buys and 1 Hold. The average Scotts Miracle-Gro price target of $228.60 implies upside potential of 29.2% from current levels.

Scotts Miracle-Gro scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform market averages. Shares have gained 11.9% over the past year.

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