Streetbeat News

Dividends

TGNA

TEGNA has announced a 10% increase in its dividend, raising it from 11.375 cents to 12.5 cents per share. This follows a 20% dividend increase last year. The new dividend rate will apply to quarterly payments starting July 1, 2024, for stockholders on record as of June 7, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 12:06 pm

EMR

Emerson Electric (EMR) provided its Q3 and full-year 2024 outlook, forecasting adjusted EPS below estimates for Q3 but indicating strong sales growth and significant returns to shareholders through dividends and share repurchases. The company expects net sales growth of 11%-12.5% for Q3 and 15%-16% for the full year, with adjusted EPS of $1.38-$1.42 for Q3 and $5.40-$5.50 for the full year. Additionally, Emerson plans to return approximately $500 million to shareholders via share repurchases and $1.2 billion through dividends.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:59 am

DINO

HF Sinclair's board has authorized a new $1 billion stock buyback program, highlighting their commitment to shareholder returns. The company also returned $269 million in cash to shareholders during the quarter. With the upcoming summer driving season, HF Sinclair anticipates a favorable market environment, positioning them to generate strong earnings and cash flows.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:32 am

KRT

Karat Packaging Inc. announced an increase in its quarterly dividend from $0.30/share to $0.35/share, payable on May 24, 2024, to stockholders of record as of May 17, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 7:02 am

CAH

Cardinal Health (NYSE:CAH) has announced an increase in its quarterly dividend from $0.5006 to $0.5056 per share, payable on July 15, 2024, to shareholders of record as of July 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 9:27 pm

AAPL

BRK

BofA Securities analyst Wamsi Mohan reiterated a Buy rating on Apple Inc (AAPL) with a price target of $230, highlighting Apple's largest share buyback authorization of $110 billion and a 4% dividend increase. Warren Buffett's Berkshire Hathaway reduced its stake in Apple, citing tax reasons but expects it to remain its largest holding. Apple's gross margin and services momentum are seen positively, despite a decline in operating margins in China. Apple faces EU and DoJ legal challenges but plans to defend itself vigorously. Apple's manufacturing purchase commitments and inventory declined, but it returned $27.3 billion to shareholders in Q2.

Portfolio Pulse from Anusuya Lahiri

May 07, 2024 | 8:01 pm

EXPD

Expeditors International Of Washington, Inc. (EXPD) reported a 15% year-over-year decline in Q1 fiscal 2024 revenue to $2.206 billion, missing consensus estimates. Despite a volume increase in airfreight and ocean container, EPS fell 19% to $1.17, albeit beating consensus. Operating income dropped 22%, with a margin decrease to 9.7%. The company repurchased 3 million shares, returning $361 million to shareholders. Challenges in ocean market predictability and air cargo rates were noted, alongside a focus on cost management including a 7% headcount reduction.

Portfolio Pulse from Akanksha Bakshi

May 07, 2024 | 3:26 pm

GTN

Gray Television, Inc. (NYSE:GTN) reported Q1 earnings per share of 79 cents, surpassing analyst expectations of 18 cents, but missed revenue estimates by a slight margin with $823 million against an expected $824.985 million. The company saw a 4% increase in core advertising revenue compared to 2023, attributing growth to strong advertiser demand for local content and significant earnings from the Super Bowl broadcast. Adjusted EBITDA rose by 21% from the previous year. GTN also announced a plan to repurchase up to $250 million of its outstanding indebtedness by the end of 2025. Despite a lower than expected revenue outlook for Q2, the company anticipates political advertising revenue to significantly increase, projecting a 55% to 72% rise compared to Q2 of 2020. Shares rose by 4.95% to $6.99 following the announcement.

Portfolio Pulse from Nabaparna Bhattacharya

May 07, 2024 | 3:04 pm

TPX

Tempur Sealy International Inc (NYSE:TPX) reported a 1.5% decline in Q1 FY24 sales to $1.189 billion, missing analyst estimates. Despite a decrease in sales, the company saw an expansion in gross margin to 43.1% and a 2.5% increase in gross profit. Adjusted EPS was $0.50, beating estimates. A quarterly dividend of $0.13 per share was declared. The company maintains its FY24 adjusted EPS outlook of $2.60 - $2.90. TPX shares rose 6.8% to $53.54.

Portfolio Pulse from Shivani Kumaresan

May 07, 2024 | 2:08 pm

MCHP

Microchip Technology Incorporated (NASDAQ:MCHP) reported Q4 earnings in line with estimates, posting GAAP earnings of 57 cents per share and sales of $1.33 billion. The company raised its quarterly cash dividend by 18.0% to 45.2 cents per share. Despite a 9.5% revenue decline to $7.6 billion in fiscal 2024 due to inventory correction, the company achieved a non-GAAP operating margin of 43.9% and returned $1.89 billion to shareholders. Following the earnings announcement, analysts from Mizuho, Needham, Susquehanna, and Truist Securities raised their price targets on MCHP.

Portfolio Pulse from Avi Kapoor

May 07, 2024 | 12:42 pm