Hasbro's Stock Rockets Toward Record High After Results, Dividend Hike
Shares of Hasbro Inc. rocketed 13% toward a record high in premarket trade Monday, after the toy seller's fourth-quarter results beat expectations and the dividend was raised. The stock was on track to open above $93, above the record close of $87.94 on Nov. 25, 2016 and the all-time intraday high of $88.53 on April 19, 2016. Hasbro raised its quarterly dividend 12% to 57 cents a share from 51 cents a share, payable May 15 to shareholders of record on May 1. Based on Friday's stock closing price of $82.63, the new annual dividend rate implies a dividend yield 2.76%, compared with the aggregate S&P 500 dividend yield of 2.06%, according to FactSet. Hasbro's stock has tacked on 1.9% over the past three months through Friday, while the S&P 500 has gained 10%.
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