Plby Group Inc
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Consumer Discretionary : Textiles, Apparel & Luxury Goods | Small Cap Growth
Company profile

PLBY Group, Inc., formerly Mountain Crest Acquisition Corp, is a leisure lifestyle company and owner of Playboy brand. The Company is principally engaged in connecting consumers around the world with products, services, and experiences. It has three reportable segments: Licensing, which includes licensing of Playboy brands to third parties; Direct-to-Consumer, including sales of third-party products through its owned-and-operated ecommerce platforms; and Digital Subscriptions and Content, including the sale of subscriptions to Playboy programming and trademark licensing for online gaming products. The Company's products are classified under four market categories: Sexual Wellness, including intimacy products and lingerie; Style and Apparel, including a variety of apparel and accessories products for men and women; Gaming and Lifestyle, such as digital gaming, hospitality and spirits; and, Beauty and Grooming, including fragrance, skincare, grooming and cosmetics for women and men.

Closing Price
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Microsoft stock rallies as Morgan Stanley 'conservatively estimates' a 10% dividend hike soon

8:05 am ET September 15, 2021 (MarketWatch)

Tomi Kilgore

Microsoft's dividend yield has been falling for years, as the stock price has been rising at a faster pace than the dividend

Shares of Microsoft Corp. rose Tuesday to buck the selloff in the broader stock market, as the software behemoth is expected to announce another dividend increase as soon as this week.

The stock (MSFT) rose 0.9% to close at $299.79, and was best performer of the Dow Jones Industrial Average's components. The Dow dropped 292 points, or 0.8%.

For the past 11 years, Microsoft has announced in mid-September an increase to its quarterly dividend, with all of the announcements coming between Sept. 15 and Sept. 21.

Morgan Stanley analyst Keith Weiss pointed out that in the past several years, the percentage increase in the dividend has hovered around the "high-single digit/low-double digit range," regardless of operating income growth.

So even though Microsoft reported in late July operating income growth of 32.0% in the 12 months through June 30, Weiss said he "conservatively estimates" a roughly 10% increase in the quarterly dividend, to 62 cents a share from 56 cents a share.

That said, given another year that operating income grew by more than 20%, Weiss said he sees "capacity for a larger dividend increase."

If the dividend is increased to 62 cents a share, the new annual dividend rate would imply a dividend yield of 0.83%, based on Tuesday's stock closing price. That would be below the implied yield for the S&P 500 index of 1.35%, according to FactSet, but above the yield for the SPDR Technology Sector Select Sector exchange-traded fund (XLK) of 0.69%.

Of the five U.S. companies with market capitalizations above $1 trillion, Microsoft's is the highest, as Apple Inc.'s (AAPL) current dividend yield is 0.59%, while Alphabet Inc. (GOOGL)(GOOGL), Inc. (AMZN) and Facebook Inc. (FB) do not pay a dividend.

Meanwhile, Microsoft's dividend yield has been trending lower for nearly the past decade, and has fallen to the lowest level in 17 years, as the pace of increases has lagged behind the pace of stock price increases, especially recently.

The stock has rallied an average of 37.5% in each of the past five years, including this year, and has climbed an average 28.6% over the past 10 years, while the dividend increase has averaged 9.2% the past five years and 13.5% the past 10.

Microsoft's stock, which was just 1.6% below the Aug. 23, 2021 record close of $304.65, has soared 43.6% over the past 12 months, while the SPDR technology ETF has advanced 34.4% and the Dow has climbed 23.5% over the past year.

-Tomi Kilgore


(END) Dow Jones Newswires

September 15, 2021 08:05 ET (12:05 GMT)

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