Shares of Graphic Packaging Holding Co. GPK, -0.14% hiked up 0.9%, to buck the selloff in the broader stock market, after the consumer packaging provider said it raised its quarterly dividend by 33%.
The new dividend of 10.0 cents a share, up from 7.5 cents a share, will be payable Jan. 5, 2023 to shareholders of record on Dec. 15, 2022. Based on current stock prices, the new annual dividend rate raises the implied dividend yield to 1.90% from 1.43%, which compares with the implied yield for the S&P 500 SPX, -0.84% of 1.76%. Graphic Packaging’s stock has gained 7.7% year to date, while the S&P 500 has dropped 21.1%.