Parker Hannifin hikes 2023 dividend by 11.3% to $1.48 quarterly
Dividend star Parker Hannifin (ticker PH) will hike its quarterly dividend by 11.3% to $1.48 per share, marking 67 consecutive years of increased dividends by the motion and control technologies company.
On April 27, 2023, Parker Hannifin (not an official S&P500 Dividend Aristocrat) announced a new quarterly dividend rate of $1.48 per share. The dividend is payable June 2, 2023. The dividend represents an 11% increase over the previous quarterly cash dividend of $1.33 per common share and is the company's 292nd consecutive quarterly dividend.
"This double-digit increase in our quarterly dividend reflects the Board’s confidence in our ability to consistently generate strong cash flow,” said Todd Leombruno, Executive Vice President and Chief Financial Officer. “Our record of increasing our annual dividend payout now stands at 67 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index, and continues to be a priority for capital allocation.”
PARKER HANNIFIN ANNUAL DIVIDEND HIKES
- 2023: +11.3%
- 2022: +29.1%
- 2021: +17.0%
- 2020: no dividend hike
- 2019: +15.8%
Last year Parker Hannifin announced a dividend hike of 29.1% to $1.33 quarterly per share. The new dividend yield will be 1.8% based on a stock price of $323 and a new annual dividend rate of $5.92 per share for Parker Hannifin.
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets.