Lockheed Martin Corp. (NYSE: LMT) announced that its board of directors approved a 4.8% hike in its quarterly dividend to $3.30 per share, marking the 22nd consecutive annual dividend hike. The revised quarterly dividend is payable on Dec. 27, 2024, to shareholders of record at the close of the business on Dec. 2, 2024.
The company's new annualized dividend rate is $13.20. The current dividend yield is 2.08%, better than the Zacks S&P 500 composite's 1.24%.
Along with dividend payments, Lockheed's management continues to increase shareholder value by repurchasing shares. The board authorized an additional $3 billion for share repurchases, which resulted in a total authorization under the repurchase program of nearly $10 billion.
Can Lockheed Sustain Dividend Hikes?
Lockheed has a platform-centric focus and leveraged presence in the Army, Air Force, Navy and IT programs of the U.S. Department of Defense that guarantee a steady inflow of follow-on orders. The company continues to clinch big defense deals from the U.S. government and allied countries. As a consequence, it exited the second quarter of 2024 with a record backlog of $158.3 billion, backed by increasing demand and a rising global ...
