Netapp (NTAP) Declares $0.50 Dividend
Netapp said on May 31, 2023 that its board of directors declared a regular quarterly dividend of $0.50 per share ($2.00 annualized). Previously, the company paid $0.50 per share.
Shares must be purchased before the ex-div date of July 6, 2023 to qualify for the dividend. Shareholders of record as of July 7, 2023 will receive the payment on July 26, 2023.
At the current share price of $71.96 / share, the stock's dividend yield is 2.78%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.93%, the lowest has been 0.98%, and the highest has been 5.43%. The standard deviation of yields is 0.86 (n=236).
The current dividend yield is 0.17 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.33. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.04%, demonstrating that it has increased its dividend over time.
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What is the Fund Sentiment?
There are 1425 funds or institutions reporting positions in Netapp. This is a decrease of 24 owner(s) or 1.66% in the last quarter. Average portfolio weight of all funds dedicated to NTAP is 0.20%, a decrease of 5.60%. Total shares owned by institutions decreased in the last three months by 1.18% to 228,216K shares. 
The put/call ratio of NTAP is 1.08, indicating a bearish outlook.
Analyst Price Forecast Suggests 3.00% Upside
As of June 1, 2023, the average one-year price target for Netapp is 74.12. The forecasts range from a low of 60.60 to a high of $93.45. The average price target represents an increase of 3.00% from its latest reported closing price of 71.96.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Netapp is 6,658MM, an increase of 3.05%. The projected annual non-GAAP EPS is 5.51.
What are Other Shareholders Doing?
Primecap Management holds 15,909K shares representing 7.44% ownership of the company. In it's prior filing, the firm reported owning 16,141K shares, representing a decrease of 1.46%. The firm decreased its portfolio allocation in NTAP by 0.20% over the last quarter.
Capital International Investors holds 12,137K shares representing 5.67% ownership of the company. In it's prior filing, the firm reported owning 12,107K shares, representing an increase of 0.24%. The firm increased its portfolio allocation in NTAP by 2.11% over the last quarter.
VPMCX - Vanguard PRIMECAP Fund Investor Shares holds 8,563K shares representing 4.00% ownership of the company. In it's prior filing, the firm reported owning 8,606K shares, representing a decrease of 0.50%. The firm decreased its portfolio allocation in NTAP by 0.17% over the last quarter.
Ameriprise Financial holds 6,799K shares representing 3.18% ownership of the company. In it's prior filing, the firm reported owning 6,690K shares, representing an increase of 1.61%. The firm decreased its portfolio allocation in NTAP by 80.93% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,670K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 6,612K shares, representing an increase of 0.86%. The firm decreased its portfolio allocation in NTAP by 0.98% over the last quarter.
Netapp Background Information
(This description is provided by the company.)
NetApp, Inc. is an American hybrid cloud data services and data management company. NetApp offers cloud data services for management of applications and data both online and physically. n addition, the company offers application-aware data management service under the NetApp Astra name; and professional and support services, such as strategic consulting, professional, managed, and support services. Further, it provides assessment, design, implementation, and migration services.
Key filings for this company:
This story originally appeared on Fintel.