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Avery Dennison Raises Dividend by 10% After Strong Q1 Financial Results

Avery Dennison Corp. (AVY) is a leading provider of pressure-sensitive materials and a variety of tickets, tags, labels, and other converted products.

The company generated 67% of its revenue from Label and Graphic Materials, 24% of its revenue from Retail Branding and Information Solutions, and the remainder from Industrial and Healthcare Materials during the quarter ended April 3, 2021.

Within Label and Graphic Materials, its largest reportable segment, 37% of its revenue came from Europe, the Middle East, and Africa, 27% came from the United States, 23% came from Asia, and the remainder came from Latin America and other international sources.

Strong Q1 Financial Results

Avery Dennison reported first quarter revenue that rose 19.2% to $2.05 billion, beating consensus estimates by $120 million, along with non-GAAP earnings of $2.40 per share, beating consensus estimates by $0.38 per share. In addition, management raised its 2021 adjusted earnings guidance of $8.40 to $8.80 per share from a prior high of $8.05 per share.

Analysts have been bullish on the stock over the past few months. In late April, BMO Capital analyst John McNulty reiterated his Outperform rating on the stock, citing the solid first quarter earnings beat that came despite supply disruptions, rising raw material costs, and customer production issues, and calling the stock a ‘serial compounder’ with ‘solid upside ahead’.

The company raised its quarterly dividend by 9.7% to $0.68 per share, which represents a 1.24% forward yield. The dividend is payable on June 16, 2021 to shareholders on record as of June 2, 2021.

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