Plantronics, Inc. (PLT) to Issue Quarterly Dividend of $0.15 on December 8th

Plantronics, Inc. (NYSE:PLT) declared a quarterly dividend on Wednesday, November 1st, Wall Street Journal reports. Shareholders of record on Monday, November 20th will be paid a dividend of 0.15 per share by the technology company on Friday, December 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Friday, November 17th.

Plantronics has increased its dividend by an average of 14.5% per year over the last three years. Plantronics has a payout ratio of 27.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Plantronics to earn $2.75 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 21.8%.

Plantronics (NYSE PLT) opened at $50.11 on Thursday. The firm has a market cap of $1,666.86, a P/E ratio of 22.11, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. The company has a current ratio of 6.44, a quick ratio of 5.90 and a debt-to-equity ratio of 1.27. Plantronics has a one year low of $41.28 and a one year high of $58.27.

A number of equities research analysts have commented on PLT shares. Zacks Investment Research raised shares of Plantronics from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Roth Capital set a $55.00 target price on shares of Plantronics and gave the stock a “buy” rating in a research report on Wednesday, November 1st. J P Morgan Chase & Co downgraded shares of Plantronics from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $63.00 to $60.00 in a research report on Friday, July 28th. TheStreet downgraded shares of Plantronics from a “b-” rating to a “c+” rating in a research report on Monday, August 21st. Finally, Northland Securities set a $57.00 target price on shares of Plantronics and gave the stock a “buy” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $57.33.

Plantronics announced that its board has approved a share repurchase program on Thursday, July 27th that authorizes the company to repurchase 1,000,000 shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

In other news, Director Maria Martinez sold 2,874 shares of Plantronics stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $51.25, for a total transaction of $147,292.50. Following the transaction, the director now owns 7,389 shares in the company, valued at approximately $378,686.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph B. Burton sold 3,188 shares of Plantronics stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $51.87, for a total transaction of $165,361.56. Following the transaction, the chief executive officer now owns 92,373 shares in the company, valued at approximately $4,791,387.51. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.

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About Plantronics

Plantronics, Inc (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets.

Dividend History for Plantronics (NYSE:PLT)

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