International Flavors & Fragrances Inc (NYSE:IFF) Increases Dividend to $0.75 Per Share
International Flavors & Fragrances Inc (NYSE:IFF) announced a quarterly dividend on Monday, August 5th, RTT News reports. Shareholders of record on Monday, September 23rd will be given a dividend of 0.75 per share by the specialty chemicals company on Friday, October 4th. This represents a $3.00 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, September 20th. This is an increase from International Flavors & Fragrances’s previous quarterly dividend of $0.73.
International Flavors & Fragrances has raised its dividend payment by an average of 12.4% annually over the last three years and has raised its dividend every year for the last 9 years. International Flavors & Fragrances has a dividend payout ratio of 47.5% meaning its dividend is sufficiently covered by earnings. Analysts expect International Flavors & Fragrances to earn $6.73 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 44.6%.
NYSE IFF opened at $122.99 on Thursday. The company has a market cap of $13.03 billion, a PE ratio of 19.58 and a beta of 0.84. International Flavors & Fragrances has a 52 week low of $104.86 and a 52 week high of $152.95. The company has a quick ratio of 1.59, a current ratio of 2.60 and a debt-to-equity ratio of 0.71. The firm’s 50-day simple moving average is $119.56 and its two-hundred day simple moving average is $132.82.
IFF has been the topic of several recent research reports. Berenberg Bank downgraded shares of International Flavors & Fragrances from a “buy” rating to a “hold” rating and dropped their price objective for the company from $155.00 to $133.00 in a report on Thursday, August 8th. Exane BNP Paribas downgraded shares of International Flavors & Fragrances to an “underperform” rating in a report on Friday, June 21st. BNP Paribas downgraded shares of International Flavors & Fragrances from a “neutral” rating to an “underperform” rating in a report on Friday, June 21st. Societe Generale initiated coverage on shares of International Flavors & Fragrances in a report on Monday, September 9th. They set a “buy” rating and a $140.00 price objective on the stock. Finally, Zacks Investment Research raised shares of International Flavors & Fragrances from a “sell” rating to a “hold” rating and set a $151.00 price objective on the stock in a report on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. International Flavors & Fragrances currently has an average rating of “Hold” and a consensus price target of $142.73.
In other news, insider Nicolas Mirzayantz sold 929 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $110.62, for a total value of $102,765.98. Following the sale, the insider now directly owns 35,393 shares of the company’s stock, valued at $3,915,173.66. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders sold 2,785 shares of company stock worth $354,208. Insiders own 0.39% of the company’s stock.
About International Flavors & Fragrances
International Flavors & Fragrances Inc, together with its subsidiaries, manufactures flavors and fragrances for use in various consumer products. It operates through three segments: Taste, Scent, and Frutarom. The Taste segment offers flavor compounds primarily to the food and beverage industries for use in consumer products, such as prepared foods, beverages, dairy, food, and sweet products.
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