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PetSmart Boosts Dividend 18%; Announces $525 Million Buyback Plan (PETM)

By Dividend.com,  June 18, 2012, 08:33:21 AM EDT

Pet products retailer PetSmart, Inc. ( PETM ) on Monday lifted its quarterly dividend payout and announced a new stock repurchase plan.

The Phoenix-based company declared a new dividend of 16.5 cents per share, up nearly 18% from its prior payout of 14 cents. The new dividend will be paid Aug. 10 to shareholders of record as of July 27. The ex-dividend date is July 25.

Additionally, PETM's board of directors approved a new $525 million share buyback program.

PetSmart shares rose $1.41, or +2.1%, in premarket trading Monday.

The Bottom Line
Shares of PetSmart ( PETM ) will now have a .99% dividend yield, based on Friday's closing stock price of $66.59. The stock has technical support in the $58-$59 price area. The shares are trading at all-time highs.

PetSmart, Inc. ( PETM ) 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.


This article appears in: Investing, Stocks

Referenced Stocks: PETM



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