ITC shares turn ex-dividend on Tuesday, May 30, 2023, meaning the stock price will get adjusted for the dividend payout. ITC share price fell around 1% today to hit an intraday low of Rs 441 on NSE in morning deals
May 30, 2023, is also the record date for the ITC dividend and the FMCG major's board of directors of ITC will determine name of the eligible ITC shareholders for dividend. All eligible shareholders with their names in the list at the end of record date will be eligible to receive dividend
Earlier this month, ITC had declared a final dividend of Rs 6.75 for FY23. It also announced a special dividend of Rs 2.75 per for the year. The dividend shall be paid to entitled shareholders of the company on or before August 17, 2023
Including the two dividends announced in May 2023, and the interim dividend of Rs 6 per share announced in February this year, ITC has doled out a total dividend of Rs 15.50 per share for FY23
ITC's total dividend outflow for FY23 stands at Rs 19,255.02 crore, including Rs 7,448.41 crore in interim dividend paid in the March this year
ITC had announced a total dividend of Rs 11.50 per share in FY22 and Rs 10.75 per share in FY22. In value terms, ITC's FY23 dividend is almost three times that of Rs 6,469.48 crore dividend paid in FY22 and Rs 6,152.68 crore dividend paid in FY21
As of Monday's (May 29, 2023) closing price, ITC shares offered a dividend yield of 3.45%. This is against a dividend yield of 4.59% in FY22 and 4.92% in FY21
Brokerages are largely positive on ITC shares. JM Financial has a target of Rs 475 the FMCG stock as it believes that recent government actions reflect a pretty supportive policy-environment for the legal cigarettes industry
Motilal Oswal Financial Services also has a 'buy' call ITC stock with a target price of Rs 485. Meanwhile, Elara Securities sees the stock at Rs 473, and Kotak Institutional Equities finds ITC shares worth Rs 450 apiece
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