Disney Boosts Annual Dividend By 50%

Bob Iger Disney 2011
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The company said it will pay 60 cents a share to stakeholders of record Dec. 16, and set a date and location for its next shareholders' meeting.

The Walt Disney Co., which has been one of the stingier media conglomerates in terms of its dividend yield, said Wednesday its board approved a 50 percent hike in its annual dividend.

Disney said it will pay its shareholders 60 cents for each share they own as of Dec. 16, up from 40 cents.

Disney, said CEO Bob Iger, "had a great creative, strategic and financial year in fiscal 2011 with record revenue, net income and earnings per share."

Disney stock advanced 5.4 percent Wednesday to $35.85. At that price and prior to the 50 percent dividend hike, Disney stock was yielding just 1.2 percent annually, the same as News Corp. and better than Sony, but less than Viacom, Time  Warner, Comcast and CBS.

Disney also said Wednesday that it has scheduled its annual shareholders meeting for March 13 in Kansas City, Missouri.