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Lowe’s Companies, Inc. (NYSE:LOW) shares are trading slightly higher on Friday.
The company has declared a quarterly cash dividend of $1.15 per share, payable Aug. 7 to shareholders of record as of July 24.
This represents a 5% increase over the company’s previous dividend of $1.10 per share.
“Today’s dividend increase reflects the Board’s confidence in our growth strategy and commitment to disciplined capital allocation that delivers long-term shareholder value,” said Marvin R. Ellison, Lowe’s chairman, president and CEO.
Last week, the company reported better-than-expected first-quarter FY24 earnings. The company reported a first-quarter FY24 sales decline of 4.4% year-on-year to $21.364 billion, beating the analyst consensus estimate of $21.123 billion.
Lowe’s repurchased about 3.0 million shares for $743 million and paid $633 million in dividends in the quarter.
Since its public debut in 1961, Lowe’s has consistently issued quarterly cash dividends, with over 25 consecutive years of dividend increases.
According to Benzinga Pro, LOW stock has gained 8% in the past year. Investors can gain exposure to the stock via Northern Lights Fund Trust IV FMC Excelsior Focus Equity ETF (NYSE:FMCX) and VanEck Retail ETF (NASDAQ:RTH).
Lowe’s sees FY24 revenue of $84 billion-$85 billion, against the Street view of $84.51 billion.
Lowe’s expects FY24 EPS of $12.00-$12.30 against the consensus of $12.21. LOW expects FY24 comparable sales to decline 2% – 3%.
Price Action: LOW shares are trading higher by 0.72% to $217.01 at last check Friday.
Photo via Shutterstock
