The New York Times Company to Issue Quarterly Dividend of $0.13 (NYSE:NYT)

The New York Times Company (NYSE:NYT) declared a quarterly dividend on Thursday, June 27th, RTT News reports. Shareholders of record on Tuesday, July 9th will be paid a dividend of 0.13 per share on Thursday, July 25th. This represents a $0.52 annualized dividend and a yield of 1.04%.

New York Times has increased its dividend payment by an average of 22.2% per year over the last three years. New York Times has a payout ratio of 26.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect New York Times to earn $1.97 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 26.4%.

New York Times Stock Performance

Shares of NYSE NYT traded down $0.21 during trading hours on Thursday, hitting $50.24. The stock had a trading volume of 540,816 shares, compared to its average volume of 1,205,650. The company has a market capitalization of $8.25 billion, a P/E ratio of 33.63 and a beta of 1.05. The firm’s 50-day moving average price is $48.06 and its two-hundred day moving average price is $46.30. New York Times has a 52 week low of $38.61 and a 52 week high of $51.98.

New York Times (NYSE:NYT) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.11. The business had revenue of $594.00 million during the quarter, compared to analyst estimates of $591.97 million. New York Times had a net margin of 10.19% and a return on equity of 17.33%. New York Times’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. As a group, analysts expect that New York Times will post 1.77 EPS for the current fiscal year.

Insider Activity at New York Times

In other news, CEO Levien Meredith A. Kopit sold 12,548 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $47.72, for a total value of $598,790.56. Following the sale, the chief executive officer now owns 120,072 shares of the company’s stock, valued at $5,729,835.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other New York Times news, CEO Levien Meredith A. Kopit sold 12,548 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $47.72, for a total value of $598,790.56. Following the completion of the transaction, the chief executive officer now directly owns 120,072 shares in the company, valued at $5,729,835.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO R Anthony Benten sold 5,171 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $48.98, for a total value of $253,275.58. Following the completion of the sale, the chief accounting officer now directly owns 38,576 shares of the company’s stock, valued at approximately $1,889,452.48. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Citigroup assumed coverage on shares of New York Times in a report on Tuesday, March 12th. They set a “buy” rating and a $52.00 price objective on the stock. StockNews.com raised shares of New York Times from a “hold” rating to a “buy” rating in a report on Wednesday, March 20th. Argus raised shares of New York Times from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Monday, March 4th. Finally, Evercore ISI raised their price target on shares of New York Times from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Thursday, May 9th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, New York Times currently has a consensus rating of “Moderate Buy” and an average price target of $46.71.

About New York Times

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide. The company operates through two segments, The New York Times Group and The Athletic. It offers The New York Times (The Times) through company's mobile application, website, printed newspaper, and associated content, such as podcast.