6 big dividend moves: New York Times hikes by 22%, MGM halts payout

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6 big dividend moves: New York Times hikes by 22%, MGM halts payout
Credit: © Reuters.

By Davit Kirakosyan

Investing.com -- New York Times shares gained more than 12% yesterday after the company hiked its dividend, announced a new share repurchase plan, and beat Q4 expectations. And here are some of the biggest dividend headlines that you may have missed on InvestingPro since yesterday. Sign up for a free trial for real-time dividend coverage.

New York Times sharply raises payout

The New York Times Company (NYSE: NYT ) hiked its dividend by 22% to $0.11 per share, or $0.44 annualized, for an annual yield of 1.1%. The dividend will be payable on April 20, 2023, to stockholders of record on April 5, 2023, with an ex-dividend date of April 4, 2023.

The company also approved a new $250 million Class A share repurchase program.

In addition, the company reported its Q4 results yesterday, with EPS of $0.59 coming in better than the consensus estimate of $0.43. Revenue was $667.5M, beating the consensus estimate of $646.17M.

Following the results, Barclays upgraded the company to Equalweight from Underweight and raised its price target to $36.00 from $25.00.

MGM suspends dividend, announces $2 billion buyback

MGM Resorts (NYSE: MGM ) shares gained more than 6% premarket today after the company announced a new share repurchase plan, suspended dividends, and reported its Q4 results .

The company decided to suspend its ongoing regular dividends in order to focus on its preferred method of returning value to shareholders through share buybacks. The Board of Directors authorized a new $2.0B share repurchase plan.

Q4 EPS came in at ($1.53), worse than the consensus estimate of ($1.47), while revenue of $3.6B beat the consensus estimate of $3.34B.

Four more dividend hikes

Phillips 66 (NYSE: PSX ) hiked its dividend by 8.2% to $1.05 per share, or $4.2 annualized, for an annual yield of 4.1%. The dividend will be payable on March 1, 2023, to stockholders of record on February 21, 2023, with an ex-dividend date of February 17, 2023.

Tractor Supply (NASDAQ: TSCO ) hiked its dividend by 12% to $1.03 per share, or $4.12 annualized, for an annual yield of 1.8%. The dividend will be payable on March 14, 2023, to stockholders of record on February 27, 2023, with an ex-dividend date of February 24, 2023.

Century Communities (NYSE: CCS ) hiked its dividend by 15% to $0.23 per share, or $0.92 annualized, for an annual yield of 1.5%. The dividend will be payable on March 15, 2023, to stockholders of record on March 1, 2023, with an ex-dividend date of February 28, 2023.

The company reported its Q4 results last week, with EPS of $2.71 coming in better than the consensus estimate of $2.43, and revenue of $1.18B, compared to the consensus of $1.01B.

Herc Holdings (NYSE: HRI ) hiked its dividend by 10% to $0.6325 per share, or $2.53 annualized, for an annual yield of 1.6%. The dividend will be payable on March 9, 2023, to stockholders of record on February 22, 2023, with an ex-dividend date of February 21, 2023.

The company will report its Q4 earnings results on February 14 before the market opens.

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For rapid-fire, comprehensive coverage of dividends, buybacks, and all the biggest news that matters to investors, sign up for a free trial for InvestingPro.

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