Lincare Holdings Initiates Quarterly Dividend
- June 21, 2010
- Dividend News, Dividend Stocks
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Lincare Holdings announced today that they will initiate a quarterly dividend program. The initial quarterly dividend will be set at $.20 per share, giving LNCR shares a 2.6% yield based on today’s closing price.
Lincare shares were up 1.4% in after-hours trading on news of the dividend announcement. Since the beginning of the year, LNCR stock has slid 17%.
Lincare is one of the nation’s largest providers of respiratory therapy and other in-home patient services. Last quarter, the company reported earnings that were 12% above Wall Street’s expecations.
John P. Byrnes, Lincare’s Chief Executive Officer, said, “The announcement today of the initiation of a cash dividend reflects our confidence in the Company’s long-term growth opportunities and financial strength. We are pleased to have the financial flexibility to continue investing in our business while also returning a portion of our profits to our shareholders through this dividend.”
Mr. Byrnes added, “In addition to the payment of cash dividends, the Company expects to allocate future operating cash flow to capital investment, share repurchases, business acquisitions and payment of long-term obligations.”
The initial dividend will be payable on July 29, 2010 to shareholders of record as of July 15, 2010. The ex-dividend date for the quarterly dividend is July 13, 2010.
