CLEVELAND - Parker Hannifin Corporation (NYSE: NYSE:PH), a company specializing in motion and control technologies, has announced a 10% increase in its quarterly cash dividend, raising it to $1.63 per share. Shareholders on record as of May 10, 2024, will be eligible for the dividend, which is scheduled for payment on June 7, 2024.
This latest increase marks the 296th consecutive quarterly dividend issued by Parker Hannifin and represents a continuation of the company's long-standing policy of dividend growth. With this increase, Parker Hannifin sustains its record of consecutively raising annual dividends for 68 fiscal years, positioning it among the S&P 500 index entities with the longest streaks of dividend growth.
Jenny Parmentier, Chairman and Chief Executive Officer of Parker Hannifin, highlighted the company's commitment to shareholder value, attributing the dividend increase to robust cash flow generation and strategic capital deployment. Parmentier's statement emphasized that enhancing shareholder returns remains a key objective for the company.
Parker Hannifin, a Fortune 250 company, has been at the forefront of engineering innovation for over a century, contributing to advancements that promise a better tomorrow. The company's consistent performance in increasing its annual dividend per share has made it a notable example of shareholder value creation within the S&P 500 index.
InvestingPro Insights
As Parker Hannifin Corporation (NYSE: PH) announces a significant dividend hike, the company's financial health and market performance come into focus. According to InvestingPro data, Parker Hannifin boasts a robust market capitalization of 70.7 billion USD, indicating a strong presence in the industry. The firm's Price/Earnings (P/E) ratio stands at 26.82, reflecting investor sentiment about its earnings potential. Notably, the company's P/E ratio adjusted for the last twelve months as of Q2 2024 is slightly lower at 24.35, suggesting a favorable outlook on near-term earnings growth.
InvestingPro Tips reveal that Parker Hannifin has not only raised its dividend for 7 consecutive years but has also maintained dividend payments for an impressive 54 consecutive years. This consistent dividend growth aligns with the company's recent announcement and underscores its commitment to shareholder returns. Additionally, analysts have revised their earnings upwards for the upcoming period, further reinforcing the positive sentiment surrounding Parker Hannifin's financial prospects.
Investors interested in deeper analysis and more InvestingPro Tips can explore additional insights on https://www.investing.com/pro/PH. There are currently 17 additional tips available, providing a comprehensive understanding of Parker Hannifin's performance metrics and investment potential. For those looking to access these valuable insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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