Friday, December 9th the Board of Directors of Pfizer Inc. (PFE) announced a quarterly dividend increase of from $ 0.40 to $ 0.41 per share that’s payable March 3, 2023 to holders of record January 27, 2023. This represents a 2.5% increase over the last quarterly dividend.
“Our ability to increase our dividend is a testament to our solid financial performance during 2022,” said Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer. “This increase reinforces Pfizer’s commitment of returning value to our shareholders.”
With current price $ 51.36 (yesterday's close), this raise brings their dividend yield to 3.19%.
Pfizer is a Dividend Contenders with a 13 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 2.6, 4.7, 5.4 and 6.9 (Dividend Champions.xls)
Since I own 250 shares of PFE, this will increase my portfolio's projected annual net dividend income by $7.45.
I was expecting a slightly higher increase, but for the third time in a row there was a one cent increase in the quarterly dividend. On the other hand, it hasn't been long since the Viatris spin-off, so this increase is ok in that sense.
This is the tenth dividend increase I received from Pfizer since initiating a position August 2013. During this period, the dividend has grown moderately from $0.24 to $0.41 or 70.8%
This increase raises my YOC to 5.34%.
Summary of 2022 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long PFE
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