Amcor PLC (NYSE:AMCR) Raises Dividend to $0.66 Per Share

Amcor PLC (NYSE:AMCR) declared a quarterly dividend on Wednesday, November 4th. Stockholders of record on Wednesday, November 25th will be paid a dividend of $0.66 per share on Wednesday, December 16th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend is Wednesday, November 25th. This is a 1.5% increase from Amcor’s previous quarterly dividend of $0.65.

Amcor has a dividend payout ratio of 317.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Amcor to earn $4.28 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 60.7%.

Amcor Trading Up 3.5%

AMCR stock opened at $48.58 on Thursday. The company has a quick ratio of 0.76, a current ratio of 1.25 and a debt-to-equity ratio of 1.17. Amcor has a twelve month low of $36.25 and a twelve month high of $50.94. The stock has a market capitalization of $22.46 billion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 2.94 and a beta of 0.56. The firm’s fifty day simple moving average is $44.05 and its two-hundred day simple moving average is $43.13.

Amcor (NYSE:AMCR) last released its earnings results on Wednesday, November 4th. The company reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.01). The business had revenue of $6.13 billion for the quarter, compared to the consensus estimate of $5.75 billion. Amcor had a return on equity of 15.92% and a net margin of 4.71%. During the same quarter last year, the business posted $0.11 earnings per share. As a group, analysts anticipate that Amcor will post 1.83 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on AMCR shares. Citigroup reaffirmed a “buy” rating and issued a $52.00 price objective (up from $47.00) on shares of Amcor in a research report on Friday, August 14th. UBS Group started coverage on Amcor in a research report on Tuesday, August 11th. They set a “buy” rating and a $56.00 target price on the stock. JPMorgan Chase & Co. downgraded shares of Amcor from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Monday, August 17th. Wells Fargo & Company lifted their price target on shares of Amcor from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Friday, August 14th. Finally, BMO Capital Markets assumed coverage on shares of Amcor in a research report on Thursday, July 16th. They set a “market perform” rating and a $47.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Amcor has a consensus rating of “Moderate Buy” and an average price target of $49.36.

About Amcor

Amcor plc (NYSE: AMCR) is a global packaging company that develops and produces packaging solutions for food, beverage, pharmaceutical, medical, personal care, household, and other consumer and industrial products. Its offerings include flexible packaging, rigid containers, closures, bottles, specialty cartons, and related packaging systems designed to protect products, support supply chains, and improve convenience and sustainability.

The company serves customers across North America, Latin America, Europe, Asia-Pacific, and other international markets.