Streetbeat News

Dividends

FTRE

PSCH

VIOV

Fortrea Holdings Inc. (NASDAQ:FTRE) shares plummeted after reporting disappointing Q1 FY24 results and lowering its revenue forecast. The company missed revenue expectations with $662.1 million against a consensus of $754.6 million and reduced its FY24 revenue guidance from $3.14-$3.205 billion to $2.785-$2.855 billion. Adjusted EBITDA and EPS also fell short of expectations, with significant declines from the previous year. Fortrea is in the process of divesting its Endpoint Clinical and Fortrea Patient Access businesses to an affiliate of Arsenal Capital Partners, expected to close in Q2. Investors can also gain exposure to Fortrea through Invesco S&P SmallCap Health Care ETF (NASDAQ:PSCH) and Vanguard S&P Small-Cap 600 Value ETF (NYSE:VIOV).

Portfolio Pulse from Lekha Gupta

May 13, 2024 | 3:21 pm

KWEB

PGJ

TME

Tencent Music Entertainment Group (NYSE:TME) reported a fiscal Q1 2024 revenue decline of 3.4% Y/Y to $937.0 million, surpassing analyst estimates. Despite a drop in social entertainment revenues, strong growth in online music services and a significant increase in music subscription revenues contributed to the positive outcome. The company also announced an annual cash dividend policy, with a dividend of $0.1370 per ADS for FY 2023. TME shares rose 1.65% in premarket trading, and the stock has gained over 68% in the last 12 months. Exposure to TME can also be gained through KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB) and Invesco Golden Dragon China ETF (NASDAQ:PGJ).

Portfolio Pulse from Anusuya Lahiri

May 13, 2024 | 1:09 pm

CSCO

Cisco Systems, Inc. (CSCO) is anticipated to release its Q3 earnings on May 15, with expected earnings of 83 cents per share and projected quarterly revenue of $12.5 billion. The company, known for its dividends, offers a 3.33% yield, equating to 40 cents a share quarterly. To earn $500 monthly from dividends, an investor would need to own approximately 3,750 shares, valued around $180,225. The article also explains how dividend yields fluctuate with stock prices and dividend payments.

Portfolio Pulse from Avi Kapoor

May 13, 2024 | 1:08 pm

GNK

SBLK

TRN

Wall Street's most accurate analysts recommend three industrials stocks with over 3% dividend yields: Genco Shipping & Trading Limited (GNK), Star Bulk Carriers Corp. (SBLK), and Trinity Industries, Inc. (TRN). GNK and SBLK have been rated Buy with increased price targets, while TRN also received a Buy rating with a raised price target. GNK recently posted downbeat quarterly earnings, SBLK completed a merger with Eagle Bulk, and TRN reported better-than-expected Q1 financial results.

Portfolio Pulse from Avi Kapoor

May 13, 2024 | 11:33 am

BYD

Boyd Gaming announces an additional $500M share repurchase authorization, bringing its total repurchase authority to $721M as of March 31, 2024. Also, a quarterly cash dividend of $0.17 per share is declared, payable on July 15, 2024, to shareholders of record as of June 15, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 11:16 am

AADR

E

IDGT

Eni S.p.A. (NYSE:E) is planning to spin-off interests in high-potential oil and gas projects to finance its shift towards low-carbon activities. This move is part of CEO Claudio Descalzi's strategy to separate some of Eni's operations into distinct entities, attracting investment from private equity and infrastructure funds. The company recently agreed to combine most of its UK upstream assets with Ithaca Energy plc for a 38.5% stake and aims to sell minority stakes in its biofuel and bio-plastic units, expecting to raise EUR1.3 billion. Exposure to Eni's stock can be gained through Pacer Developed Markets International Cash Cows 100 ETF (NYSE:IDGT) and AdvisorShares Dorsey Wright ADR ETF (NASDAQ:AADR).

Portfolio Pulse from Lekha Gupta

May 13, 2024 | 10:53 am

FTRE

Fortrea has revised its FY24 revenue forecast downwards from $3.14B-$3.205B to $2.785B-$2.855B, below the estimated $3.08B. The company also confirmed that its planned divestiture of assets related to the Endpoint Clinical and Patient Access businesses is proceeding as planned.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 10:40 am

TME

Tencent Music Entertainment (TME) announced on May 11, 2024, the adoption of an annual cash dividend policy and declared a cash dividend of $0.1370 per ADS for the fiscal year 2023, to be paid in June 2024. The total dividends amount to approximately $210 million.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 9:17 am

MACK

Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) announced the approval of a Plan of Dissolution by its stockholders and declared a liquidating cash dividend of $15.10 per share, to be paid on May 17, 2024. The company's stock will continue to trade on NASDAQ until May 17, 2024, and will be delisted on May 20, 2024. Future distributions are possible if reserved amounts are deemed unnecessary or if additional milestones under existing agreements are achieved.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 8:36 pm

HBB

Hamilton Beach Brands Holding Company (NYSE:HBB) has announced a 4.5% increase in its regular quarterly cash dividend, raising it from $0.11 to $0.115 per share, payable on June 14, 2024, to stockholders of record as of May 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 8:22 pm