Coty Raises Dividend, Moves To Quarterly Payout Schedule

Coty Inc. said Friday that it was increasing its dividend payout by 82%, as the fragrance, hair and cosmetics products seller moves to a quarterly payout schedule. The first quarterly dividend of 12.5 cents a share will be payable Dec. 28 to shareholders of record on Dec. 19. Based on Thursday's closing price of $19.07 for Coty's stock, the expected annual dividend of 50 cents a share implies a dividend yield of 2.62%, compared with the aggregate S&P 500 dividend yield of 2.07%, according to FactSet. "The increase in our dividend, and the transition of the timing to a quarterly payout schedule, enhances the company's ability to return cash to shareholders throughout the year," said Chief Financial Officer Patrice de Talhouet. The stock, which slipped 0.4% in premarket trade, has plunged 26% year to date through Thursday, while the S&P 500 has gained 9.9%.