The New York Times Company (NYT) to Distribute Quarterly Dividend of $0.23 on October 22nd

The New York Times Company (NYSE:NYT) declared a quarterly dividend on Friday, September 25th. Stockholders of record on Wednesday, October 7th will be given a dividend of $0.23 per share on Thursday, October 22nd. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 7th.

New York Times has raised its dividend by an average of 0.2%annually over the last three years and has raised its dividend annually for the last 7 consecutive years. New York Times has a dividend payout ratio of 39.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect New York Times to earn $3.11 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 29.6%.

New York Times Stock Performance

NYT stock opened at $62.78 on Monday. The company has a market capitalization of $10.13 billion, a P/E ratio of 26.16, a PEG ratio of 1.62 and a beta of 0.93. The company has a fifty day moving average price of $67.58 and a 200-day moving average price of $73.76. New York Times has a 52-week low of $54.10 and a 52-week high of $87.10.

New York Times (NYSE:NYT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.02. The company had revenue of $762.46 million for the quarter, compared to analysts’ expectations of $752.01 million. New York Times had a net margin of 13.19% and a return on equity of 22.64%. New York Times’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 earnings per share. As a group, sell-side analysts forecast that New York Times will post 2.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New York Times

A number of large investors have recently bought and sold shares of NYT. Berkshire Hathaway Inc acquired a new position in shares of New York Times during the fourth quarter valued at about $351,664,000. Renaissance Technologies LLC grew its stake in shares of New York Times by 20.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,756,180 shares of the company’s stock valued at $230,775,000 after buying an additional 465,600 shares during the period. Goldman Sachs Group Inc. increased its position in New York Times by 77.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,924,396 shares of the company’s stock valued at $133,592,000 after buying an additional 838,305 shares in the last quarter. First Trust Advisors LP increased its position in New York Times by 0.9% in the 1st quarter. First Trust Advisors LP now owns 1,570,073 shares of the company’s stock valued at $131,462,000 after buying an additional 14,202 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in New York Times by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 1,512,403 shares of the company’s stock worth $126,633,000 after buying an additional 43,796 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

About New York Times

The New York Times Company is a media and information company best known for publishing The New York Times, a global news organization founded in 1851. The company produces journalism across national and international news, politics, business, culture, science, sports and opinion, distributing its content through digital platforms and the newspaper’s print edition.

In addition to its core news business, the company offers a range of subscription products and services, including NYT Cooking, Games, Audio and Wirecutter, a product-recommendation service.