Disney (NYSE:DIS) finally loosened up on its ultra-conservative dividend policy and declared an annual dividend of 60 cents a share, up 50% over the previous dividend of 40 cents.
According to CEO Bob Iger, “Disney had a great creative, strategic and financial year in fiscal 2011 with record revenue, net income and earnings per share.”
The dividend will be paid to shareholders of record December 16. The annual shareholders’ meeting is scheduled for March 13 in Kansas City, MO.
Here’s how Disney is trading on the news:
Walt Disney Co. (NYSE:DIS): DIS shares recently traded at $36.00, up $0.15, or 0.42%. They have traded in a 52-week range of $28.19 to $44.34. Volume today was 2,134,267 shares versus a 3-month average volume of 12,986,400 shares. The company’s trailing P/E is 14.29, while trailing earnings are $2.52 per share.