Office Depot Inc Announces Quarterly Dividend of $0.03 (ODP)
Office Depot Inc (NASDAQ:ODP) declared a quarterly dividend on Thursday, May 9th, Wall Street Journal reports. Stockholders of record on Friday, May 24th will be paid a dividend of 0.025 per share by the specialty retailer on Friday, June 14th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date is Thursday, May 23rd.
Office Depot has a dividend payout ratio of 28.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Office Depot to earn $0.38 per share next year, which means the company should continue to be able to cover its $0.10 annual dividend with an expected future payout ratio of 26.3%.
Shares of ODP opened at $2.05 on Wednesday. Office Depot has a 1 year low of $1.98 and a 1 year high of $3.82. The company has a quick ratio of 0.76, a current ratio of 1.08 and a debt-to-equity ratio of 0.87. The stock has a market cap of $1.12 billion, a PE ratio of 5.86, a P/E/G ratio of 0.50 and a beta of 2.50.
A number of equities research analysts have weighed in on ODP shares. ValuEngine upgraded Office Depot from a “sell” rating to a “hold” rating in a report on Monday, February 4th. BidaskClub upgraded Office Depot from a “sell” rating to a “hold” rating in a report on Thursday, February 7th. Bank of America reiterated a “buy” rating and issued a $4.50 target price on shares of Office Depot in a report on Thursday, February 28th. Finally, Zacks Investment Research downgraded Office Depot from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Four analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. The company presently has a consensus rating of “Sell” and a consensus target price of $3.08.
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About Office Depot
Office Depot, Inc provides business services and supplies, products, and technology solutions. The company operates in three divisions: Business Solutions, Retail, and CompuCom. The Business Solutions division offers office supply products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, U.S.
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