Mannix Corporation stock currently sells for $31 per share. The market requires a return of 11.6 percent on the firm...
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Mannix Corporation stock currently sells for $31 per share. The market requires a return of 11.6 percent on the firm’s stock. If the company maintains a constant 3.8 percent growth rate in dividends, what was the most recent dividend per share paid on the stock? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Homework Answers
Price of stock = Next Expected Dividend/(Required Return - Growth Rate)
31 = D1/(11.6%-3.8%)
D1 = 2.418
Hence, most recent dividend = Next Expected Dividend/(1+growth Rate)
= 2.418/(1.038) = $2.32948
Hence. the answer is $2.33 per share
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