Calling Jim Cramer.
Found this morning on TheStreet:
“Apple (aapl) jumped after an analyst predicted the iconic computer maker would announce a dividend increase and hefty buyback… The iconic computer maker is expected to offer a 5% to 10% dividend, based on the rate it has risen over the past two years, according to an Apple Insider report.”
Buzz! Honk! Wrong!
What Piper Jaffray’s Gene Munster predicted, and what AppleInsider correctly reported, is a 5% to 10% increase in its dividend, currently at $0.52 per share.
That, according to my math, would bring Apple’s quarterly dividend to somewhere between $0.55 and $0.57 per share.
- April 2014 – Increased 8% to $0.47
- April 2015 – Increased 11% to $0.52
- April 2015 (E): Increased 5%-10% to $0.55-$0.57
In terms of yield, Apple’s current dividend at the stock’s current price ($103.01) throws off 2.08% per year.
Anybody can make mistakes. I do it all the time. But reporters owe it to their readers to correct their stories, especially once the turkey’s been spotted. From TheStreet’s comment stream:
Hello? Is anybody home?