Yesterday, February 21, the Board of Directors of Magna International Inc. announced a quarterly dividend increase from $ 0.365 to $ 0.40 per share that’s payable March 20, 2020 to holders of record March 6, 2020. This represents a 9.59% increase to the last quarterly dividend.
During the three months and year ended December 31, 2019,
Magna repurchased 4.7 million shares for $254 million and 25.8 million shares
for $1.29 billion, respectively. In addition, we paid dividends of $111 million
and $449 million for the three months and year ended December 31, 2019,
respectively.
With current price $ 51.55 (yesterday's close), this
raise brings their dividend yield to 3.10 %.
MGA is a Dividend Contenders with an 11 year streak of
dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 10.6,
13.4, 13.9 and 41.6. (Dividend
Champions.xls)
Since I own 100 shares of MGA, this will increase my
portfolio's projected annual net dividend income by $ 10.43.
This increase raises my YOC to 3.80%.
Summary of 2020 Dividend Increases / Cuts
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