4 big dividend moves: DuPont stock surges on a hike

By Davit Kirakosyan

Investing.com -- DuPont ramped higher on a dividend hike, even as it provided a downbeat outlook. And here are some of the biggest dividend headlines that you may have missed on InvestingPro this past week. Sign up for a free trial for real-time dividend coverage.

DuPont hikes dividend and beats Q4, but outlook misses

DuPont (NYSE:DD) hiked its dividend by 9.1% to $0.36 per share, or $1.44 annualized, for an annual yield of 2%. The dividend will be payable on March 15, 2023, to stockholders of record on February 28, 2023, with an ex-dividend date of February 27, 2023.

The company reported its Q4 results, with EPS of $0.89 coming in better than the consensus estimate of $0.78. Revenue was $3.1 billion, compared to the consensus estimate of $3.11B.

Lori Koch, CFO, said DuPont expects sales to drop in H1 at its consumer electronics and chipmaker division, and its Water & Protection business will suffer due to weaker construction. She predicts improvement in H2 as demand stabilizes, with an expected rebound in China boosting the company's performance.

Q1/23 EPS/revenue is expected to be $0.80/$2.9B, worse than the consensus estimates of $0.88/$3.09B. For the full year, the company expects EPS in the range of $3.50-$4.00, compared to the consensus of $3.87, and revenue in the range of $12.3-12.9B, compared to the consensus of $12.9B.

VF Corp cuts dividend

VF Corp. (NYSE:VFC) announced a 41% dividend cut to $0.30 per share from the prior quarter's $0.51. Interim CEO Benno Dorer said the payout cut reflected "a sharpened focus on... enhanced operational performance," and that the company was also "exploring the sale of non-core assets, cutting costs and eliminating non-strategic spend, while enhancing the focus on the consumer through targeted investments.”

The company additionally said its fiscal third quarter earnings totaled $1.12, better than the $0.99 consensus, on slightly better than expected revenue of $3.5B. It also reaffirmed its recently communicated full-year 2023 EPS outlook of $2.05-$2.15 (vs. consensus of $2.07) with revenue growth at approximately 3%.

Shares were up marginally in the pre-market.

2 more big dividends

Monarch Casino & Resort (NASDAQ:MCRI) shares gained more than 4% yesterday after the company declared a special dividend of $5.00 per share, for an annual yield of 6.5%. The dividend will be payable on March 15, 2023, to stockholders of record on March 1, 2023, with an ex-dividend date of February 28, 2023.

The company will report its Q4 earnings results on Feb 22 after the market close.

Midland States Bancorp (NASDAQ:MSBI) hiked its dividend by 3.4% to $0.30 per share, or $1.2 annualized, for an annual yield of 4.6%. The dividend will be payable on February 24, 2023, to stockholders of record on February 17, 2023, with an ex-dividend date of February 16, 2023.

The company reported its Q4 earnings last month, with EPS of $0.85 missing the consensus estimate of $0.93. Revenue came in at $97.39 million, better than the consensus estimate of $81.93M.

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