Dividend Increase - Lockheed Martin Corporation (LMT)

 

Friday, October 6th the Board of Directors of Lockheed Martin Corporation (LMT) announced a quarterly dividend increase of from $3.00 to $3.15 per share that’s payable December 29, 2023 to holders of record December 1, 2023. This represents a 5.00% increase over the last quarterly dividend. This marks the 21st consecutive year of dividend increases for the company.

LTM's board has also authorized the purchase of up to an additional $6 billion of Lockheed Martin common stock under its share repurchase program, nearly doubling total authorization of the current program to $13 billion for future purchases.

With current price $436.53 (yesterday's close), this raise brings their dividend yield to 2.89%.

Lockheed Martin is a Dividend Contenders with a 21 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.5, 8.2, 8.9 and 10.6 (Dividend Champions.xls)

Since I own 20 shares of LMT, this will increase my portfolio's projected annual net dividend income by $8.94.

I was expecting an increase of around 7%, so this was a bit disappointing, but of course an increase is always an increase.

This is the third dividend increase I received from Lockheed Martin since initiating a position January 2021. During this period, the quarterly dividend has increased moderately from $2.60 to $3.15, or 21.2%.

This increase raises my YOC to 3.68%.

Summary of 2023 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long LMT

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