Coca-Cola Enterprises Raises Guidance, Will Boost Dividend (CCE)

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Beverage bottling giant Coca-Cola Enterprises Inc. ( CCE ) on Tuesday raised its full-year guidance and said it would soon boost its dividend payouts.

The company raised its full-year outlook to a range of $1.78 to $1.82 per share, compared with a prior range of $1.73 to $1.77 per share. On average, Wall Street analysts expect $1.81 per share for the year.

CCE said it expects higher EPS numbers mainly due to share buybacks, noting it will repurchase up to $1 billion of its own stock over the next 18 months.

The company also announced it would pay an annualized dividend of 50 cents per share, up from a prior payout of 36 cents per share.

Coca-Cola Enterprises shares were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of CCE have a 1.23% dividend yield, based on Friday's closing stock price of $29.37. The stock has technical support in the $26 price area. If the shares can firm up, we see overhead resistance around the $31-$33 price levels. We would remain on the sidelines for now.

Coca-Cola Enterprises Inc. ( CCE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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