5 Companies that Just Increased Their Dividends

3. Avery Dennison Corporation (NYSE:AVY)

Number of Hedge Fund Holders: 31

Dividend Yield as of May 5: 1.67%

Avery Dennison Corporation (NYSE:AVY) was founded in 1935 and is headquartered in Glendale, California. The company designs and manufactures pressure-sensitive materials and products in the United States, Europe, Asia, Latin America, and international markets. 

On April 28, Avery Dennison Corporation (NYSE:AVY) declared a $0.75 per share quarterly dividend, a 10.3% increase from its earlier dividend of $0.68. The dividend is payable on June 15, to shareholders of the company as of June 1. 

Avery Dennison Corporation (NYSE:AVY) reported its Q1 2022 results on April 26, posting an EPS of $2.40, surpassing estimates by $0.23. Revenue for the period jumped 14.53% from the prior-year quarter to $2.35 billion, topping analysts’ predictions by $71.48 million. 

Raymond James analyst Joshua Wilson on April 28 raised the price target on Avery Dennison Corporation (NYSE:AVY) to $200 from $185 and reiterated an Outperform rating on the stock. The analyst expects the ongoing outsized growth in intelligent labels to result in higher sales and EBITDA margin expansion, with the latter suggesting that the shares can further outperform from current levels.

Select Equity Group held the biggest position in Avery Dennison Corporation (NYSE:AVY) in the fourth quarter of 2021, with 1.96 million shares worth $426 million. Overall, 31 hedge funds were bullish on the stock at the end of December 2021.