Clorox Bumps Up Dividend By 5%; Shares Rise In Pre-Market
Clorox Co. (CLX) declared a quarterly dividend of $1.11 per share on the company’s common stock, up 5% from the previous $1.06 per share dividend. Shares in the maker of bleach and disinfecting wipes appreciated 2.4% to $206.51 in pre-market U.S. trading.
The dividend is payable on Aug. 14 to stockholders of record as of the close of business on July 29.
“We are pleased to raise our dividend by 5%, building on nearly 20 consecutive years of dividend increases,” said Clorox Chairman and CEO Benno Dorer. “As we continue to deliver healthy cash flows, our ongoing priority is to invest in business growth behind our IGNITE strategy. We also remain committed to returning cash to stockholders.”
Clorox has a long history of paying regular dividend increases. This also marks its 51st consecutive year Clorox has paid an annual dividend ever since it became independent again following a decade of ownership by another company.
Shares in Clorox have leaped 32% so far this year driven by ample demand for its disinfecting products during the coronavirus pandemic.
TipRanks data shows that Wall Street analysts are sidelined on the stock. The Hold consensus is based on 5 Holds, 3 Sells and 2 Buys. On the back of this year’s rally, it is not too surprising that the $182.10 average price target by analysts foresees 9.7% downside potential in the shares in the coming 12 months. (See Clorox stock analysis on TipRanks).
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