Shares of Hill-Rom Holdings rose almost 2.3% to close at 107.25 on March 11 after the medical technology company lifted its quarterly common stock dividend by 9% to $0.24 per share. This marks the eleventh consecutive annual dividend increase by the company.
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Hill-Rom (HRC) announced that the new dividend will be paid on March 31, to shareholders of record as of March 22.
The company’s annual dividend of $0.96 per share now reflects a dividend yield of 0.9%.
Hill-Rom CEO John Groetelaars said, “Hillrom is committed to returning value to our shareholders through our dividend while preserving financial flexibility for M&A and organic investments that further transform our portfolio and support our vision of Advancing Connected Care.” (See Hill-Rom stock analysis on TipRanks)
On Feb. 8, Robert W. Baird analyst Michael Polark increased the stock’s price target to $115 (7.2% upside potential) from $105 and reiterated a Buy rating.
Polark said, “The company gave a solid update after its core businesses beat helped by COVID-19.”
“The guidance adjustment was favorable but the outlook seems to remain conservatively constructed,” the analyst added.
The consensus rating among analysts is a Strong Buy based on 3 Buys and 1 Hold. The average analyst price target stands at $122.50 and implies upside potential of 14.2% to current levels. Shares have gained 29.6% over the past year.
Additionally, Hill-Rom scores a 9 of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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