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Whirlpool Hikes Dividend by 25% & Approves $2B Buybacks

Whirlpool Corporation (NYSE: WHR) shares gained 2.5% during the extended trading session on February 14, after the American multinational manufacturer and marketer of home appliances raised its quarterly dividend by 25% to $1.75 per share.

Furthermore, the board also authorized an additional $2 billion in share repurchases under the company’s ongoing share repurchase program. As of December 31, 2021, approximately $1.5 billion was available under the program.

The dividend is payable on March 15 to shareholders on record as of February 25. The annual dividend of $7.00 per share now reflects a dividend yield of 3.6%.

CEO Comments

CEO of Whirlpool Corporation, Marc Bitzer, commented, “I am pleased to announce that we are increasing our dividend for the tenth consecutive year and have approved another significant increase of our share repurchase program.”

He further added, “These actions highlight the confidence we have in our business to continue generating strong levels of cash and reflect our continued commitment to delivering long-term shareholder value and returns.”

Analysts Recommendation

The stock has picked up a rating from one analyst in the past three months.

On January 28, RBC analyst Michael Dahl, increased the price target on Whirlpool to $195 from $190, but reiterated a Sell rating on the shares.

Bloggers Weigh In

TipRanks data shows that financial blogger opinions are 94% Bullish on WHR stock, compared to a sector average of 71%.

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