Logitech International SA (NASDAQ:LOGI) Increases Dividend to $0.87 Per Share
Logitech International SA (NASDAQ:LOGI) declared an annual dividend on Friday, September 11th, Wall Street Journal reports. Stockholders of record on Monday, September 21st will be paid a dividend of 0.8697 per share by the technology company on Tuesday, September 22nd. This represents a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, September 18th. This is an increase from Logitech International’s previous annual dividend of $0.52.
Logitech International has increased its dividend by 31.0% over the last three years.
Shares of LOGI opened at $71.03 on Wednesday. The firm’s 50 day moving average is $72.52 and its 200-day moving average is $57.56. The stock has a market capitalization of $11.86 billion, a P/E ratio of 25.37 and a beta of 0.98. Logitech International has a 12-month low of $31.37 and a 12-month high of $76.53.
Logitech International declared that its board has authorized a stock repurchase program on Wednesday, May 27th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, CEO Bracken Darrell sold 120,650 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $73.61, for a total value of $8,881,046.50. 1.10% of the stock is currently owned by corporate insiders.
Several research analysts have recently weighed in on LOGI shares. Zacks Investment Research downgraded shares of Logitech International from a “strong-buy” rating to a “hold” rating and set a $69.00 target price on the stock. in a research report on Tuesday, July 7th. JPMorgan Chase & Co. cut shares of Logitech International from an “overweight” rating to a “neutral” rating and set a $57.00 price objective for the company. in a research note on Thursday, May 21st. They noted that the move was a valuation call. Loop Capital boosted their target price on shares of Logitech International from $58.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Wedbush boosted their target price on shares of Logitech International from $65.00 to $73.50 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Finally, DA Davidson boosted their price target on shares of Logitech International from $70.00 to $83.00 in a report on Wednesday, July 22nd. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Logitech International presently has a consensus rating of “Hold” and an average price target of $69.79.
About Logitech International
Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms worldwide. The company offers portable wireless Bluetooth and Wi-Fi speakers, PC speakers, PC headsets, in-ear headphones, and wireless audio wearables; gaming mice, keyboards, headsets, mousepads, and steering wheels and flight sticks; and audio and video, and other products that connect small and medium sized user groups.
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