MTY Food Group (MTY) Sets New 1-Year High Following Dividend Announcement

MTY Food Group Inc (TSE:MTY) shares hit a new 52-week high during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as C$66.80 and last traded at C$66.50, with a volume of 286999 shares. The stock had previously closed at C$62.30.

The newly announced dividend which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 5th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 2nd. This represents a $0.60 annualized dividend and a yield of 0.88%.

Several research firms have issued reports on MTY. National Bank Financial upgraded MTY Food Group from a “sector perform under weight” rating to an “outperfrom under weight” rating in a research note on Wednesday. TD Securities lifted their target price on MTY Food Group from C$56.00 to C$58.00 and gave the company a “hold” rating in a research note on Wednesday, September 5th.

MTY Food Group (TSE:MTY) last posted its earnings results on Wednesday, July 11th. The company reported C$0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.69 by C$0.10. MTY Food Group had a return on equity of 24.30% and a net margin of 27.97%. The company had revenue of C$89.83 million for the quarter, compared to analyst estimates of C$90.50 million.

MTY Food Group Company Profile (TSE:MTY)

MTY Food Group Inc franchises and operates quick-service restaurants in Canada and internationally. It also operates a distribution center and a food processing plant. As of November 30, 2017, the company had 5,469 locations comprising 5,402 franchised and 67 company operated locations. The company was formerly known as iNsu Innovations Group Inc and changed its name to MTY Food Group Inc in July 2003.

Read More: Ex-Dividend

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