Flowers Foods Rewards Shareholders with 5% Dividend Hike
Flowers Foods (FLO) raised its quarterly dividend by 5% to $0.21 per share. The company is a producer and marketer of packed bakery products, including bread. It is one of the largest U.S. bakery operators with brands such as Nature’s Own and Tastykake.
Shares of Flowers Foods, with the current market capitalization of $5.7 billion, have gained 20% over the past year. (See Flowers Foods stock charts on TipRanks)
The dividend is payable on December 17 to shareholders of record on December 3. Flowers Foods’ annual dividend of $0.84 per share now reflects a dividend yield of 3.1%.
Wall Street’s Take
Stephens analyst Ben Bienvenu increased the price target on Flowers Foods to $26.00 (3% downside potential) from $25.00 and maintained a Hold rating.
Consensus among analysts on Wall Street is a Hold based on 4 Hold ratings. The average Flower Foods price target indicates that the shares are fairly valued at the current price levels.
TipRanks’ Smart Score
FLO scores a 7 out of 10 on TipRanks’ Smart Score rating system, implying the stock’s returns are likely to align with the market performance.
Lithium Americas Acquires Millennial Lithium; Shares Up 3.5%
Kraft Heinz Falls after Top Shareholder Offers to Sell Shares
Uber Unveils New Membership Program: Uber One