Wednesday, October 2nd the Board of Directors of Lockheed Martin Corporation (LMT) announced a quarterly dividend increase of from $3.15 to $3.30 per share that’s payable December 27, 2024 to holders of record December 2, 2024. This represents a 4.76% increase over the last quarterly dividend. This marks the 22nd consecutive year of dividend increases for the company.
LTM's board has also authorized the purchase of up to an additional $3 billion of Lockheed Martin common stock under its share repurchase program. With this increase, total authorization for future repurchases under the share repurchase program is approximately $10 billion.
With current price $605.82 (yesterday's close), this raise brings their dividend yield to 2.18%.
Lockheed Martin is a Dividend Contenders with a 22 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.6, 7.4, 8.2 and 9.8 (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 fourth 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 $3.30, or 26.9%.
This increase raises my Yield on Cost to 3.86%.
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 LMT
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