Abbott India Announces 3250% Dividend Payout, Ex-Dividend Date Set for Friday

Rajesh
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Abbott India, a leading player in the pharmaceutical industry, has declared an impressive dividend payout of 3250% for the financial year ending March 2023. The company, a subsidiary of Abbott Laboratories, is known for its robust financial performance and consistent dividend declarations. In this blog, we will delve into the details of Abbott India's dividend announcement, financials, and share price target, providing valuable insights for investors.

Abbott India

Abbott India's Record Dividend:

Abbott India Limited recently announced a dividend of Rs 325 per share, reflecting a dividend payout of 3250% based on a face value of Rs 10. This substantial dividend yield, combined with the company's current share price of Rs 23,419.10, translates to an attractive dividend yield of 1.38%. It is worth noting that Abbott India has a history of consistent dividend declarations, having paid dividends on 29 occasions since May 21, 2001.

Dividend Announcement and Record Date:

The company's board of directors recommended the payment of a final dividend of Rs 180 and a special dividend of Rs 145 per equity share at their meeting held on May 19, 2023. However, the dividends are subject to the approval of shareholders at the upcoming Seventy-ninth Annual General Meeting scheduled for August 9, 2023. To determine the eligibility of shareholders for these dividends, Abbott India has fixed Friday, July 21, 2023, as the record date. If approved, the dividends will be paid on or after Wednesday, August 16, 2023.

Financial Performance:

In the fourth quarter of FY23, Abbott India recorded a net income of Rs 1,392.72 crore, indicating a year-on-year growth of 9.15% compared to Q4FY22. The company's revenue from operations for the same quarter stood at Rs 1,343.08 crore, up from Rs 1,254.75 crore in Q4FY22. Despite a 10.21% increase in total expenses year-on-year, Abbott India's net profit for the quarter ended March 2023 rose by 9.46% to Rs 231.42 crore. The earnings per share (EPS) for Q4 FY23 stood at Rs 108.90, highlighting positive growth compared to the same quarter of the previous fiscal year.

Share Price Target and Market Analysis:

According to Ameya Ranadive, an Equity Research Analyst at Choice Broking, Abbott India's stock is currently in a promising accumulation zone. The stock has shown resilience by maintaining crucial Moving Averages (MA), including the 20-50-100-200 EMA. While the stock faces minor support around the 22800 to 23000 range, a breach below this level could result in a correction. Technical indicators such as RSI divergence and DMI strength index also suggest caution.

However, the stock's ability to remain above the Bollinger Band mean and the formation of Elliott Wave wave 5 around 23800, along with a correction wave at 0.38% and trend line support at 22400, indicate a positive outlook. Ranadive suggests that Abbott India is in a favorable accumulation zone between 23225 and 22400, presenting an attractive investment opportunity. Based on the analysis, a share price target of 25000-25150 is proposed.

Disclaimer:

It is important to note that the recommendations and analysis mentioned in this blog are the opinions of market analysts and not the author's own. Investors should consult certified experts before making any investment decisions. Tradingtalk.in advises caution and suggests seeking professional advice to mitigate potential risks associated with investment decisions.

Conclusion:

Abbott India's impressive dividend payout, coupled with its consistent financial performance, makes it an attractive proposition for investors. With the ex-dividend date set for Friday, July 21, 2023, shareholders should carefully consider the potential benefits of holding Abbott India shares. Additionally, the stock's technical analysis indicates a favorable accumulation zone, further enhancing its investment appeal.

Also Read : Tomorrow's Stock Picks: Promising Performers in Indian Markets.

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