TJX Now Gives Higher Dividend - Analyst Blog
The TJX Companies Inc. (TJX) announced that its
board of directors has approved a 26% hike in its regular quarterly
dividend. This is the 17th consecutive year in which the company
has hiked its quarterly dividend.
TJX will now pay 14.5 cents dividend per share to its
shareholders compared to 11.5 cents paid earlier. The increased
dividend will be paid on June 6, 2013, to shareholders of record as
of May 16, 2013.
The increased dividend reflects the company’s sound financial
position. Signs of economic recovery have made share buybacks and
dividend increases a common factor among companies with ample cash.
Apart from enhancing shareholders’ return, dividend increase
strategy lifts the market value of the stock.
The Framingham, MA-based company hit a 52-week high of $46.85 on
Mar 22 and eventually closed at $46.62, recording a healthy return
of 8.3% year-to-date. Strong comp sales in Feb and impressive
fourth quarter fiscal 2013 results drove share prices.
TJX reported adjusted earnings of 82 cents per share in the
fourth quarter of fiscal 2013. It was ahead of the Zacks Consensus
Estimate by a penny. At the same time, reported earnings were 32%
higher than the year-ago quarter. For fiscal 2013, adjusted
earnings went up 28% to $2.55 per share.
The earnings upside was fueled by higher consumer traffic on the
back of fresh stocks in the stores and solid comparable-store sales
growth over several consecutive months.
TJX exited the quarter with cash and cash equivalents of $1.8
billion, compared with $1.6 billion in the prior quarter. TJX
expects to repurchase approximately $1.2 billion to $1.3 billion of
its stock in fiscal 2013.
TJX Companies Inc. is an off-price global retailer of apparel
and home fashions. The company operates 2,906 stores in the U.S.,
Canada and Europe.
TJX currently carries a Zacks Rank #3 (Hold). Other stocks in
the retail and wholesale sector that are worth considering include
Macy’s Inc (M), which holds a Zacks Rank #1
(Strong Buy).
MACYS INC (M): Free Stock Analysis Report
TJX COS INC NEW (TJX): Free Stock Analysis Report
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TJX Companies (NYSE:TJX)
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