6 big dividend moves: New York Times hikes by 22%, MGM halts payout

By Davit Kirakosyan

Investing.com -- New York Times shares gained more than 12% yesterday after the company hiked its dividend, announced a new share repurchase plan, and beat Q4 expectations. And here are some of the biggest dividend headlines that you may have missed on InvestingPro since yesterday. Sign up for a free trial for real-time dividend coverage.

New York Times sharply raises payout

The New York Times Company (NYSE:NYT) hiked its dividend by 22% to $0.11 per share, or $0.44 annualized, for an annual yield of 1.1%. The dividend will be payable on April 20, 2023, to stockholders of record on April 5, 2023, with an ex-dividend date of April 4, 2023.

The company also approved a new $250 million Class A share repurchase program.

In addition, the company reported its Q4 results yesterday, with EPS of $0.59 coming in better than the consensus estimate of $0.43. Revenue was $667.5M, beating the consensus estimate of $646.17M.

Following the results, Barclays upgraded the company to Equalweight from Underweight and raised its price target to $36.00 from $25.00.

MGM suspends dividend, announces $2 billion buyback

MGM Resorts (NYSE:MGM) shares gained more than 6% premarket today after the company announced a new share repurchase plan, suspended dividends, and reported its Q4 results.

The company decided to suspend its ongoing regular dividends in order to focus on its preferred method of returning value to shareholders through share buybacks. The Board of Directors authorized a new $2.0B share repurchase plan.

Q4 EPS came in at ($1.53), worse than the consensus estimate of ($1.47), while revenue of $3.6B beat the consensus estimate of $3.34B.

Four more dividend hikes

Phillips 66 (NYSE:PSX) hiked its dividend by 8.2% to $1.05 per share, or $4.2 annualized, for an annual yield of 4.1%. The dividend will be payable on March 1, 2023, to stockholders of record on February 21, 2023, with an ex-dividend date of February 17, 2023.

Tractor Supply (NASDAQ:TSCO) hiked its dividend by 12% to $1.03 per share, or $4.12 annualized, for an annual yield of 1.8%. The dividend will be payable on March 14, 2023, to stockholders of record on February 27, 2023, with an ex-dividend date of February 24, 2023.

Century Communities (NYSE:CCS) hiked its dividend by 15% to $0.23 per share, or $0.92 annualized, for an annual yield of 1.5%. 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 reported its Q4 results last week, with EPS of $2.71 coming in better than the consensus estimate of $2.43, and revenue of $1.18B, compared to the consensus of $1.01B.

Herc Holdings (NYSE:HRI) hiked its dividend by 10% to $0.6325 per share, or $2.53 annualized, for an annual yield of 1.6%. The dividend will be payable on March 9, 2023, to stockholders of record on February 22, 2023, with an ex-dividend date of February 21, 2023.

The company will report its Q4 earnings results on February 14 before the market opens.

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