Clorox Co (CLX) Plans Dividend Increase – $0.84 Per Share
Clorox Co (NYSE:CLX) declared a quarterly dividend on Monday, May 8th. Stockholders of record on Wednesday, July 19th will be given a dividend of 0.84 per share on Friday, August 4th. This represents a $3.36 annualized dividend and a dividend yield of 2.57%. This is an increase from Clorox’s previous quarterly dividend of $0.80.
Clorox has raised its dividend payment by an average of 5.2% annually over the last three years and has raised its dividend every year for the last 39 years. Clorox has a dividend payout ratio of 63.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Clorox to earn $5.69 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 59.1%.
Clorox (NYSE:CLX) traded up 0.99% during trading on Friday, hitting $132.03. 208,305 shares of the stock traded hands. The firm has a 50-day moving average price of $133.51 and a 200 day moving average price of $126.39. The company has a market cap of $17.01 billion, a P/E ratio of 26.08 and a beta of 0.32. Clorox has a 52-week low of $111.24 and a 52-week high of $140.47.
Clorox (NYSE:CLX) last announced its quarterly earnings results on Wednesday, May 3rd. The company reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.01. Clorox had a return on equity of 239.42% and a net margin of 11.15%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the company posted $1.21 earnings per share. Clorox’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, equities analysts expect that Clorox will post $5.31 EPS for the current year.
A number of brokerages have issued reports on CLX. Royal Bank of Canada set a $115.00 price target on Clorox and gave the company a “hold” rating in a report on Tuesday, March 21st. JPMorgan Chase & Co. started coverage on Clorox in a research note on Tuesday, March 21st. They set a “neutral” rating and a $136.00 target price for the company. Vetr downgraded Clorox from a “buy” rating to a “hold” rating and set a $139.67 target price for the company. in a research note on Tuesday, April 18th. Jefferies Group LLC initiated coverage on Clorox in a research note on Tuesday, April 18th. They set a “hold” rating and a $138.00 target price for the company. Finally, Zacks Investment Research upgraded Clorox from a “hold” rating to a “buy” rating and set a $151.00 price target for the company in a research report on Wednesday, April 5th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $128.97.
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The Clorox Company is a manufacturer and marketer of consumer and professional products. The Company sells its products primarily through mass retail outlets, e-commerce channels, wholesale distributors and medical supply distributors. The Company operates through four segments: Cleaning, Household, Lifestyle and International.
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