Dividend Aristocrat VF Corp raises dividend by 2.1% in 2020
“Our year to date results have surpassed our internal expectations across all brands, driven by Digital and China, two of our key growth pillars,” said Steve Rendle, VF’s Chairman, President and CEO. “We are beginning to see signs of stabilization and strength across all aspects of our business, supporting our decision to raise the dividend and provide a financial outlook for the balance of the year. Although uncertainties remain, investments in our digital transformation are resulting in near-term momentum and improved capabilities to emerge in an even stronger position.”
VF’s Board of Directors declared a quarterly dividend of $0.49 per share, payable on December 21, 2020, to shareholders of record on December 10, 2020. Subject to approval by its Board of Directors, VF intends to continue to pay its regularly scheduled dividend and is not currently contemplating the suspension of its dividend.
Last Friday VFC stock closed at $75.82, with the stock touching a 52wk low of $45.07 this March. The current dividend yield is 2.6% and VFC will now pay an estimated annual dividend of $764 million to its shareholders. This compares to a current market cap of $29.54 billion for the Dividend Aristocrat.
Another Dividend Aristocrat announcing a dividend increase last week is A.O. Smith.
V.F. Corporation (VF) is engaged in the design, production, procurement, marketing and distribution of branded lifestyle apparel, footwear and related products. The company's brands include The North Face, Vans and Timberland.
