Toro (TTC) Declares $0.34 Dividend

Toro said on March 21, 2023 that its board of directors declared a regular quarterly dividend of $0.34 per share ($1.36 annualized). Previously, the company paid $0.34 per share.

Shares must be purchased before the ex-div date of April 5, 2023 to qualify for the dividend. Shareholders of record as of April 6, 2023 will receive the payment on April 19, 2023.

At the current share price of $108.80 / share, the stock's dividend yield is 1.25%. Looking back five years and taking a sample every week, the average dividend yield has been 1.26%, the lowest has been 0.91%, and the highest has been 1.84%. The standard deviation of yields is 0.18 (n=237).

The current dividend yield is 0.03 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.30. 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 0.36%, demonstrating that it has increased its dividend over time.

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Analyst Price Forecast Suggests 15.31% Upside

As of March 22, 2023, the average one-year price target for Toro is $125.46. The forecasts range from a low of $117.16 to a high of $136.50. The average price target represents an increase of 15.31% from its latest reported closing price of $108.80.

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The projected annual revenue for Toro is $5,043MM, an increase of 6.60%. The projected annual non-GAAP EPS is $5.02.

What is the Fund Sentiment?

There are 957 funds or institutions reporting positions in Toro. This is an increase of 79 owner(s) or 9.00% in the last quarter. Average portfolio weight of all funds dedicated to TTC is 0.35%, an increase of 39.02%. Total shares owned by institutions decreased in the last three months by 1.82% to 107,020K shares. The put/call ratio of TTC is 0.30, indicating a bullish outlook.

What are Large Shareholders Doing?

Select Equity Group holds 5,839K shares representing 5.60% ownership of the company. In it's prior filing, the firm reported owning 5,942K shares, representing a decrease of 1.76%. The firm increased its portfolio allocation in TTC by 38.71% over the last quarter.

Price T Rowe Associates holds 5,067K shares representing 4.86% ownership of the company. In it's prior filing, the firm reported owning 3,913K shares, representing an increase of 22.78%. The firm increased its portfolio allocation in TTC by 66.45% over the last quarter.

Jpmorgan Chase & holds 3,973K shares representing 3.81% ownership of the company. In it's prior filing, the firm reported owning 4,513K shares, representing a decrease of 13.59%. The firm increased its portfolio allocation in TTC by 105,687.78% over the last quarter.

PRNHX - T. Rowe Price New Horizons Fund holds 3,779K shares representing 3.62% ownership of the company. In it's prior filing, the firm reported owning 2,740K shares, representing an increase of 27.48%. The firm increased its portfolio allocation in TTC by 84.89% over the last quarter.

Victory Capital Management holds 3,742K shares representing 3.59% ownership of the company. In it's prior filing, the firm reported owning 4,432K shares, representing a decrease of 18.44%. The firm decreased its portfolio allocation in TTC by 34.64% over the last quarter.

Toro Background Information
(This description is provided by the company.)

The Toro Company is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With sales of $3.4 billion in fiscal 2020, The Toro Company's global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, BOSS Snowplow, Ventrac, American Augers, Subsite Electronics, HammerHead, Trencor, Unique Lighting Systems, Irritrol, Hayter, Pope, Perrot, Lawn-Boy and Radius HDD. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations.

This story originally appeared on Fintel.