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5 big dividends & buybacks this week: Costco's special dividend, Cigna's buyback

Published 12/16/2023, 06:35 AM
Updated 12/16/2023, 06:35 AM
© Reuters. — Here is your Pro Recap of the biggest dividend hikes, special dividends, and share-buyback announcements you may have missed this week.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

TE Connectivity approves a new $1.5 billion buyback, hikes dividend by 10%

TE Connectivity (NYSE:TEL) announced on Tuesday that its board of directors has authorized an increase in its share repurchase program by an additional $1.5 billion.

Furthermore, the board approved a recommendation to hike the company's quarterly dividend by 10% to $0.65 per share, or $2.60 per share annualized. This proposal is set to be submitted for approval by the shareholders at the company's annual general meeting scheduled for March 13, 2024.

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Cigna announces a new $10B buyback

Cigna (NYSE:CI) announced that its Board of Directors approved an additional $10B for share repurchases, bringing the total authorization for stock buybacks to $11.3B. This announcement comes in the wake of previous reports indicating that the company ended negotiations to merge with Humana (NYSE:HUM). Following the announcement, shares jumped more than 16% on Monday.

"We believe Cigna's shares are significantly undervalued and repurchases represent a value-enhancing deployment of capital as we work to support high-quality care, improved affordability, and better health outcomes," said CEO David M. Cordani.

Two hikes and a special dividend

Costco Wholesale (NASDAQ:COST) declared a special dividend of $15 per share, payable on January 12, 2024, to stockholders of record on December 28, 2023, with an ex-dividend date of December 27, 2023. The annual yield on the dividend is 2.4%.

Lamb Weston (NYSE:LW) hiked its quarterly dividend by 28.6% to $0.36 per share, or $1.44 annualized, for an annual yield on the dividend is 1.4%. The dividend will be payable on March 1, 2024, to stockholders of record on February 2, 2024, with an ex-dividend date of February 1, 2024.

American Eagle Outfitters (NYSE:AEO) hikes its quarterly dividend by 25% to $0.125 per share, or $0.5 annualized, for an annual yield of 2.4%. The dividend will be payable on January 19, 2024, to stockholders of record on January 5, 2024, with an ex-dividend date of January 4, 2024.

Amid whipsaw markets and a slew of critical headlines, seize on the right timing to protect your profits: Always be the first to know with InvestingPro.

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