Moody's Corporation Declares $0.85 Dividend, Payable June 7, 2024

Moody's Corporation announces dividend payment of $0.85 per share on June 7, 2024, with a dividend yield of 0.85%. The company reports strong financial results, topping analysts' estimates with earnings per share of $3.37.

author-image
Bijay Laxmi
New Update
Moody's Corporation Declares $0.85 Dividend, Payable June 7, 2024

Moody's Corporation Declares $0.85 Dividend, Payable June 7, 2024

Moody's Corporation (NYSE: MCO) has announced that it will go ex-dividend on May 16, 2024, with a dividend payment of $0.85 per share scheduled for June 7, 2024. The quarterly dividend represents a 3.40% dividend on an annualized basis and a dividend yield of 0.85% based on the current stock price of $400.35.

Why this matters: This dividend announcement has significant implications for investors seeking exposure to the financial services sector, as Moody's is a leading provider of credit ratings, research, and risk analysis. The company's strong financial results and dividend yield may also influence market trends and investor sentiment in the coming months.

The dividend will be payable to stockholders of record as of May 17, 2024. Shares of MCO traded down 1.18% during midday trading on Friday, reaching $400.35. The company had a trading volume of 667,299 shares, compared to its average volume of 779,533.

Moody's reported earnings per share of $3.37 for the most recent quarter, topping analysts' consensus estimates of $3.06 by $0.31. The company generated revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. Moody's has a return on equity of 54.50% and a net margin of 27.01%.

According to the issued ratings of 13 analysts in the last year, the consensus rating for Moody's stock is "Moderate Buy," based on 4 hold ratings and 9 buy ratings. The average twelve-month price prediction for Moody's is $400.50, with a high price target of $450.00 and a low price target of $318.00. Analysts predict an upside of 9.58% based on their 12-month stock forecasts.

Several prominent firms, including Barclays, BMO Capital Markets, JPMorgan Chase & Co., Oppenheimer, Robert W. Baird, Royal Bank of Canada, Stifel Nicolaus, UBS Group, and Wells Fargo & Company, have rated Moody's in the past 90 days. Over the previous 90 days, Moody's stock had 1 upgrade by analysts.

Hedge funds and other institutional investors own 92.11% of Moody's stock. Several hedge funds have recently acquired new positions in the company, including Donoghue Forlines LLC, Annis Gardner Whiting Capital Advisors LLC, Raleigh Capital Management Inc, Milestone Investment Advisors LLC, Advantage Trust Co, and Harel Insurance Investments Financial Services Ltd.

The dividend announcement and strong financial results underscore Moody's position as a leading provider of credit ratings, research, and risk analysis. With a majority of analysts issuing buy ratings and predicting further upside, Moody's stock remains attractive to investors seeking exposure to the financial services sector.

Key Takeaways

  • Moody's to go ex-dividend on May 16, 2024, with $0.85/share dividend.
  • Dividend yield is 0.85% based on current stock price of $400.35.
  • Moody's reported EPS of $3.37, beating estimates by $0.31.
  • Analysts predict 9.58% upside, with average 12-month price target of $400.50.
  • Hedge funds and institutions own 92.11% of Moody's stock.