Northrop Grumman Bumps Up Quarterly Dividend By 8%
Aerospace and defense company Northrop Grumman Corp. (NOC) has increased its quarterly dividend by 8% to $1.57 per share.
The dividend is payable on June 16 to shareholders of record as of June 1.
Northrop Grumman Chairman, CEO, and President Kathy Warden said, “Northrop Grumman continues to execute a balanced capital deployment strategy with robust investments in our business and a competitive dividend for our shareholders.” (See Northrop Grumman stock analysis on TipRanks)
Warden added, “We are confident in our ability to continue creating shareholder value as we perform on our customers’ missions.”
Last month, Wolfe Research analyst Michael Maugeri initiated coverage on the stock with a Buy rating and $392 price target (6.3% upside potential).
Maugeri expects Northrop Grumman’s investments in the company and project execution to complement one another and drive growth over the next 10 years.
Consensus among analysts is that Northrop Grumman is a Moderate Buy based on 7 Buys, 2 Holds, and 1 Sell. The average analyst price target of $383.60 implies 4.1% upside potential.
Shares have gained about 21% so far this year. Furthermore, Northrop scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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