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The Procter & Gamble Company raised its quarterly cash dividend by 10% to $0.8698 per share. This marks the American multinational consumer goods corporation’s 65th consecutive year of regular dividend increases.
Procter & Gamble (PG) announced that the new dividend will be paid on May 17, to shareholders of record as of April 23. Shares closed at $135.11 on April 13, down 1.3%.
The company’s annual dividend of $3.48 per share now reflects a dividend yield of 2.58%.
Procter & Gamble is scheduled to release its fiscal 3Q earnings on April 20. (See Procter & Gamble stock analysis on TipRanks)
On March 25, Barclays analyst Lauren Lieberman maintained a Buy rating and a price target of $155 (14.7% upside potential).
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 2 Buys and 5 Holds. The average analyst price target of $146.86 implies 8.7% upside potential to current levels. Shares have increased 11.7% over the past year.
Procter & Gamble scores a 9 of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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