Rentokil Initial plc (NYSE:RTO) Plans Dividend Increase – $0.38 Per Share

Rentokil Initial plc (NYSE:RTOGet Free Report) declared a semi-annual dividend on Thursday, March 14th, Wall Street Journal reports. Investors of record on Friday, April 5th will be paid a dividend of 0.3784 per share on Tuesday, May 28th. This represents a yield of 1.6%. The ex-dividend date is Thursday, April 4th. This is a boost from Rentokil Initial’s previous semi-annual dividend of $0.18.

Rentokil Initial has a payout ratio of 44.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Rentokil Initial to earn $1.49 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 51.0%.

Rentokil Initial Trading Up 1.4 %

NYSE RTO opened at $30.20 on Wednesday. The business’s 50 day moving average is $28.26 and its two-hundred day moving average is $29.14. Rentokil Initial has a 12-month low of $23.39 and a 12-month high of $41.55.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RTO. Morgan Stanley acquired a new stake in shares of Rentokil Initial during the 4th quarter worth $87,191,000. Norges Bank acquired a new stake in shares of Rentokil Initial during the 4th quarter worth $81,252,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Rentokil Initial during the 4th quarter worth $51,291,000. Bank of America Corp DE increased its holdings in shares of Rentokil Initial by 23.7% during the 1st quarter. Bank of America Corp DE now owns 864,610 shares of the company’s stock worth $31,567,000 after buying an additional 165,633 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Rentokil Initial by 17.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 800,951 shares of the company’s stock worth $31,245,000 after buying an additional 120,798 shares during the last quarter. Hedge funds and other institutional investors own 9.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RTO shares. BNP Paribas upgraded Rentokil Initial from a “neutral” rating to an “outperform” rating in a research report on Monday, March 18th. Bank of America lowered Rentokil Initial from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $40.00 to $29.00 in a research note on Wednesday, January 24th.

Get Our Latest Analysis on RTO

About Rentokil Initial

(Get Free Report)

Rentokil Initial plc, together with its subsidiaries, provides route-based services in North America, the United Kingdom, rest of Europe, Asia, the Pacific, and internationally. It offers a range of pest control services for rodents, and flying and crawling insects, as well as other forms of wildlife management for commercial customers.

Further Reading

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