Streetbeat News

Dividends

LLY

Eli Lilly and Company (NYSE:LLY) has announced a 15% increase in its quarterly dividend to $1.30 per share for Q1 2024, reflecting its financial strength. The dividend will be paid on March 8, 2024, to shareholders on record as of February 15, 2024. The company's recent FDA approval for Jaypirca and strong Q3 sales, particularly from Mounjaro, Verzenio, and Jardiance, have contributed to its positive outlook. However, Eli Lilly revised its FY23 adjusted EPS downwards while maintaining its revenue forecast. LLY shares saw a slight decrease of 0.07% to $587.87.

Portfolio Pulse from Nabaparna Bhattacharya

December 08, 2023 | 5:18 pm

PSX

Phillips 66 (NYSE:PSX) announced a 2024 capital budget of $2.2 billion, with $923 million allocated for sustaining capital and $1.3 billion for growth. The budget supports strategic priorities such as the NGL value chain, the Rodeo renewable fuels facility, and refining performance enhancements. Excluding joint venture debt repayments, the budget is $2 billion. The company aims to return $13B-$15B to shareholders by the end of 2024. The budget includes savings from business transformation efforts and the consolidation of DCP Midstream. Phillips 66's share of capital spending in joint ventures CPChem and WRB is expected to be $1 billion and self-funded. The total 2024 capital program, including joint ventures, is projected at $3.2 billion.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 5:10 pm

CUBE

EPRT

UHT

Three REITs, CubeSmart (CUBE), Universal Health Realty Income Trust (UHT), and Essential Properties Realty Trust Inc. (EPRT), have announced increases in their quarterly dividends. CubeSmart raised its dividend by 4.1%, Universal Health Realty by a small increment, and Essential Properties Realty Trust by 1.8%. These increases reflect the companies' confidence in maintaining or growing earnings and revenue. However, CubeSmart was downgraded by Bank of America Securities in October due to weakening demand for self-storage facilities, despite beating FFO and revenue estimates in Q3. Universal Health Realty's high payout ratio may limit future dividend growth, while Essential Properties Realty Trust has a well-covered payout ratio and received recent Buy ratings from B.Riley Securities, Stifel, and Truist Securities.

Portfolio Pulse from Ethan Roberts

December 08, 2023 | 4:36 pm

LLY

Eli Lilly and Company (NYSE:LLY) has announced a 15% increase in its quarterly dividend, raising it from $1.13 to $1.30 per share. The dividend will be payable on March 8, 2024, to shareholders of record as of February 15, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 4:28 pm

AVGO

Broadcom Inc. (NASDAQ:AVGO) exceeded Q4 earnings expectations with $11.06 per share against the forecasted $10.98, a 5.84% increase from the previous year. However, quarterly sales of $9.29 billion fell short of the expected $9.41 billion. The company raised its quarterly dividend by 14% to $5.25 and projected full-year 2024 revenue of around $50 billion. Despite the positive earnings, Broadcom shares dropped slightly by 0.3%. Post-earnings, analysts at Rosenblatt, TD Cowen, and Summit Insights Group adjusted their price targets, with Rosenblatt and Summit Insights also maintaining or upgrading to a Buy rating.

Portfolio Pulse from Avi Kapoor

December 08, 2023 | 4:12 pm

MBI

MBIA Inc. (NYSE:MBI) shares surged 65% after announcing an $8.00 per share cash dividend, totaling approximately $409 million. The dividend follows approvals for $647.245 million in dividends from its subsidiary, National Public Finance Guarantee Corporation. MBIA received a $550 million dividend in December 2023 and an additional $97.245 million dividend in November 2023. The company will retain some dividends for corporate purposes, and future dividends are subject to regulatory approval and financial conditions. The tax implications for investors will be clarified with the 2023 financial results in February 2024. MBIA's stock has fluctuated between a 52-week high of $14.00 and a low of $6.07.

Portfolio Pulse from Henry Khederian

December 08, 2023 | 3:56 pm

JOUT

Johnson Outdoors Inc (NASDAQ:JOUT) reported a significant decline in Q4 FY23 sales by 51% Y/Y to $96.34 million, missing estimates by a wide margin. The company also reported a larger-than-expected EPS loss of $(1.56), compared to the consensus of $(0.32). Gross margin contracted to 29.5%, and the company experienced a substantial operating loss of $(22.56) million. Despite this, JOUT declared a quarterly cash dividend and emphasized a focus on managing inventories and improving profitability for FY24. JOUT's stock price fell by 11.69% to $48.10.

Portfolio Pulse from Akanksha Bakshi

December 08, 2023 | 3:43 pm

ALXO

BITF

CURV

MBI

VIRC

Torrid Holdings Inc. reported better-than-expected Q3 results and raised FY23 guidance, causing its shares to jump 22.3%. MBIA Inc. declared an $8.00 per share extraordinary dividend, leading to a 63.8% share increase. Other stocks like ALX Oncology, Virco Mfg., and Bitfarms also saw significant gains after positive upgrades, earnings reports, and corporate actions.

Portfolio Pulse from Avi Kapoor

December 08, 2023 | 3:40 pm

WPM

Wheaton Precious Metals (NYSE:WPM) is distributing a dividend of $0.15 per share with an annualized yield of 1.41%. The ex-dividend date was November 27, 2023, and the dividend is payable on December 08, 2023. The company has shown a positive trend in dividend per share from $0.36 in 2019 to $0.60 in 2022, and earnings per share growth from $0.47 to $1.18 over the same period, indicating financial health and a commitment to rewarding shareholders.

Portfolio Pulse from Benzinga Insights

December 08, 2023 | 3:05 pm

WAFD

WSBC

WaFd (NASDAQ:WAFD) will pay a dividend of $0.25 per share on December 8, 2023, with an annualized yield of 3.96%. Shareholders eligible for this dividend must have held the stock before the ex-dividend date of November 22, 2023. WaFd has shown a consistent increase in dividends per share from $0.82 in 2019 to $0.96 in 2022, and earnings per share growth from $2.62 in 2019 to $3.39 in 2022, indicating a strong financial health. Wesbanco (NASDAQ:WSBC) leads the industry with a 5.05% dividend yield.

Portfolio Pulse from Benzinga Insights

December 08, 2023 | 3:05 pm