Altium (ASX:ALU) shares were up more than 4% in afternoon trading today. The stock opened at AU$33.69 and traded in the range of AU$33.34 to $35.41 by afternoon. The stock’s rise comes as investors await Altium’s dividends distribution tomorrow.
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After a hugely profitable Fiscal 2022, Altium the board approved an 18 per cent jump in the full-year dividend to AU$0.47 a share. The company plans to pay a final dividend of AU$0.26 per share on September 27. Altium is among the top-paying dividend stocks in its sector. It currently offers a dividend yield of 1.45%, well above the sector average of 0.94%.
Altium share price forecast
According to TipRanks’ analyst rating consensus, Altium stock is a Moderate Buy based on six Buys and three Holds. Following today’s increase, the average Altium share price forecast of AU$35.05 now implies a slight downside potential. It seems the stock has run ahead of analysts’ expectations. Altium shares have gained about 20% over the past three months.
Altium scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
Final thoughts
Altium is among the most attractive ASX technology shares for dividends. The company’s prospects look bright considering that the shift to 5G connectivity, electric cars, and industrial IoT are fueling demand for its software.
