Dividend Increase - Pfizer Inc. (PFE)

 

Thursday, December 14th the Board of Directors of Pfizer Inc. (PFE) announced a quarterly dividend increase of from $0.41 to $0.42 per share that’s payable March 1, 2024 to holders of record January 26, 2024. This represents a 2.44% increase over the last quarterly dividend.

“We are pleased to increase our quarterly dividend, which represents our fifteenth year of consecutive dividend increases,” said Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer. “Our ongoing increases have demonstrated Pfizer’s commitment to returning value to our shareholders and are a key part of our capital allocation strategy.”

With current price $28.19 (today's open), this raise brings their dividend yield to 5.96%.

Pfizer is a Dividend Contenders with a 15 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 2.6, 3.6, 4.6 and 6.2 (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, an increase is always an increase.

This is the eleventh dividend increase I received from Pfizer since initiating a position August 2013. During this period, the dividend has grown moderately from $0.24 to $0.42 or 75.0%

This increase raises my YOC to 5.47%.

Summary of 2023 Dividend Increases / Cuts

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You can follow the development of my dividends here.

Full Disclosure: Long PFE

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