Wednesday, February 14th the Board of Directors of Cisco Systems, Inc. (CSCO) announced a quarterly dividend increase of from $0.39 to $0.40 per share that’s payable April 24, 2024 to holders of record April 4, 2024. This represents a 2.56% increase over the last quarterly dividend.
With current price $49.06 (yesterday's close), this raise brings their dividend yield to 3.26%.
Cisco is a Dividend Contenders with a 14 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 2.6, 2.7, 3.9 and 9.1 (Dividend Champions.xls)
Since I own 195 shares of CSCO, this will increase my portfolio's projected annual net dividend income by $5.81.
As in recent years, the increase was one cent and therefore in line with my expectations.
This is the 8th dividend increase I've received from CSCO since initiating a position in March 2016. During this period, the quarterly dividend has increased modestly from $0.26 to $0.40, or 53.9%.
This increase raises my yield on cost to 5.45%.
Summary of 2024 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long CSCO
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