Dividend Aristocrat Clorox (CLX) Keeps its Streak Alive

Dividend Aristocrat The Clorox Company (NYSE: CLX) will be keeping its distinguished status with its latest dividend hike announcement.

Wednesday morning, Clorox declared a 5% increase in the quarterly dividend, from $1.11 to $1.16 per share on the company's common stock. The dividend is payable Aug. 13, 2021, to stockholders of record as of the close of business on July 28, 2021.

The annual dividend yield, based on the current market price, is 2.6%.

The company has increased its dividend for nearly 20 consecutive years and has paid an annual dividend for more than 50 consecutive years.

Clorox was a big winner during the COVID crisis. However, more recently it has come up against tough year-over-year comps. Also, during its recent quarter, the company cut its 2022 guidance. Still, the company is on track to deliver its best full-year top-line growth in more than 20 years and will be strategically raising prices.

Wells Fargo analyst Chris Carey downgraded Clorox to “Underweight” from “Overweight” following the latest results and guidance cut, calling it "dead money" at best. However, with shares currently just a few dollars short of his $170 price target the analyst doesn't see much downside.

Other analysts are more bullish, with the average Wall Street price target at ~$192, suggesting about 8% upside.

Dividend investors may want to consider watching Clorox and adding on weakness, given its solid dividend yield, consistent dividend growth, and stable business model.

You May Also Be Interested In

• Wells Fargo Downgrades Canada Goose (GOOS:CN) (GOOS) to Underweight
• Bank7 Corp. (BSVN) Raises Quarterly Dividend 11.1% to $0.30; 2.3% Yield
• Cincinnati Financial (CINF) Declares $0.94 Quarterly Dividend; 2.2% Yield