Foot Locker (FL) has raised its quarterly common stock cash dividend by $0.10 per share or 50% to $0.30 per share. The dividend will be paid on October 29, 2021 to shareholders of record on October 15, 2021.
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Foot Locker is an American sportswear and footwear retailer. It operates through its Athletic Stores and Direct-to-Customers segments. (See Foot Locker stock charts on TipRanks)
The company also has a share buyback program in place. On February 20, 2019, its board had approved a three-year share repurchase program of up to $1.2 billion. The plan will expire in January 2022. As of May 1, 2021, about $797 million of repurchase authority remained outstanding.
The Chairman and CEO of Foot Locker, Richard Johnson, said, “We are announcing a significant increase to our quarterly dividend payment, which is a reflection of our continued focus on delivering meaningful returns of cash to our shareholders, while at the same time funding significant investments in strategic growth opportunities.”
On August 16, J.P. Morgan analyst Matthew Boss maintained a Hold rating on the stock and raised the price target to $68 from $58. The new price target implies 21.9% upside potential from current levels.
Boss is of the opinion that the department stores and specialty softlines will likely report “broad based beats” in Q2.
Consensus among analysts is a Moderate Buy based on 10 Buys and 6 Holds. The average Foot Locker price target stands at $71.56, implying upside potential of 28.2%.
FL scores a 9 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to outperform market averages.
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