Disney’s board just gave investors an early holiday gift by raising the semi-annual dividend 9.9% to 78 cents a share.
“We delivered our sixth consecutive year of record revenue, net income and EPS in fiscal 2016, and we are pleased to increase our dividend to shareholders,” CEO Bob Iger says.
The sweetener should appeal to investors who’ve seen Disney shares lose about 5.6% of their value so far in 2016 — mostly due to concerns about the prospects for ESPN.
Sentiment improved on November 10, when Iger explained why “we’ve taken a more bullish position on the future of ESPN’s sub base.” Since then, Disney’s been up 4.7%.
The dividend will be payable on January 11 to shareholders of record at the end of December 12.
In addition to the dividend announcement, Disney said that it will hold its annual meeting in Denver on March 8.