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2021-05-18
Out of the bull pen? Really?
AT&T’s Dividend Payout Stands to Be Cut ‘Nearly 50%’ in WarnerMedia Deal
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Really?","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/195515055","repostId":1175570783,"repostType":4,"repost":{"id":"1175570783","kind":"news","pubTimestamp":1621300286,"share":"https://www.laohu8.com/m/news/1175570783?lang=&edition=full","pubTime":"2021-05-18 09:11","market":"us","language":"en","title":"AT&T’s Dividend Payout Stands to Be Cut ‘Nearly 50%’ in WarnerMedia Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=1175570783","media":"barrons","summary":"There’s bad news for income investors: AT&T’s 52-cent-a-share dividend would be cut if its sale of W","content":"<p>There’s bad news for income investors: AT&T’s 52-cent-a-share dividend would be cut if its sale of WarnerMedia to Discovery goes through.</p><p>Still, AT&T (ticker: T) investors initially applauded the deal, announced Monday morning, as it would help the telecom company focus on its core and reduce its high debt burden. The stock was at $33 and change at around 11 a.m., up about 3% on the session. It currently yields 6.2%.</p><p>The stock, which has lagged behind the broader market in recent years, has long been a popular option for equity income investors. It has a five-year annual return of about 2.5%, versus 17.6% for the S&P 500, according to FactSet.</p><p>But the dividend’s health had been in question given a debt load that was exacerbated by the company’s 2018 acquisition of the WarnerMedia assets, which include TNT, CNN, HBO, and the Warner Bros. movie studio. As of March 31, long-term debt totaled about $160.7 billion, up from $153.8 billion at the end of 2020.</p><p>In an interview with CNBC Monday morning, AT&T CEO John Stankey said “there’s been some overhang on our equity that’s been driven by the balance sheet dynamic,” notably debt. The deal will allow AT&T to “accelerate our deleveraging of the business,” he added.</p><p>Under the deal with Discovery (DISCA), AT&T shareholders would own 71% of the new company—potentially capturing some upside there if the combination works as billed.</p><p>Stankey told CNBC that the company is giving the shareholders an interest in a fast-growing media company and that AT&T is “continuing to maintain a very, very hearty and healthy dividend.”</p><p>In April, AT&T said it was aiming for a dividend payout ratio in the “high 50% range.” But with the WarnerMedia assets jettisoned, it needs to resize, or cut, the dividend.</p><p>In a news release Monday, AT&T said it expects an “annual dividend payout ratio of 40% to 43% of anticipated free cash flow of $20 billion plus.”</p><p>Simon Flannery of Morgan Stanley observed in a research note Monday that, “If we assume an $8 [billion] payout, this would be a nearly 50% reduction from current levels of some $15 [billion] and would put the stock on a low 4%” yield and that stock “buybacks could also be a possibility down the road.”</p><p>Bottom line: It’s still a cut.</p><p>And that could put its status as a member of the S&P 500 Dividend Aristocrats, a group of stocks that have paid out higher dividends for at least 25 straight years, in peril. AT&T’s last increase, by a penny, was declared in late 2019.</p><p>The stock’s status in that group will be reviewed, according to Howard Silverblatt of S&P Dow Jones Indices.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AT&T’s Dividend Payout Stands to Be Cut ‘Nearly 50%’ in WarnerMedia Deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAT&T’s Dividend Payout Stands to Be Cut ‘Nearly 50%’ in WarnerMedia Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-18 09:11 GMT+8 <a href=https://www.barrons.com/articles/at-ts-dividend-payout-stands-to-be-cut-nearly-50-in-warnermedia-deal-51621268533?siteid=yhoof2><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There’s bad news for income investors: AT&T’s 52-cent-a-share dividend would be cut if its sale of WarnerMedia to Discovery goes through.Still, AT&T (ticker: T) investors initially applauded the deal,...</p>\n\n<a href=\"https://www.barrons.com/articles/at-ts-dividend-payout-stands-to-be-cut-nearly-50-in-warnermedia-deal-51621268533?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"T":"美国电话电报"},"source_url":"https://www.barrons.com/articles/at-ts-dividend-payout-stands-to-be-cut-nearly-50-in-warnermedia-deal-51621268533?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175570783","content_text":"There’s bad news for income investors: AT&T’s 52-cent-a-share dividend would be cut if its sale of WarnerMedia to Discovery goes through.Still, AT&T (ticker: T) investors initially applauded the deal, announced Monday morning, as it would help the telecom company focus on its core and reduce its high debt burden. The stock was at $33 and change at around 11 a.m., up about 3% on the session. It currently yields 6.2%.The stock, which has lagged behind the broader market in recent years, has long been a popular option for equity income investors. It has a five-year annual return of about 2.5%, versus 17.6% for the S&P 500, according to FactSet.But the dividend’s health had been in question given a debt load that was exacerbated by the company’s 2018 acquisition of the WarnerMedia assets, which include TNT, CNN, HBO, and the Warner Bros. movie studio. As of March 31, long-term debt totaled about $160.7 billion, up from $153.8 billion at the end of 2020.In an interview with CNBC Monday morning, AT&T CEO John Stankey said “there’s been some overhang on our equity that’s been driven by the balance sheet dynamic,” notably debt. The deal will allow AT&T to “accelerate our deleveraging of the business,” he added.Under the deal with Discovery (DISCA), AT&T shareholders would own 71% of the new company—potentially capturing some upside there if the combination works as billed.Stankey told CNBC that the company is giving the shareholders an interest in a fast-growing media company and that AT&T is “continuing to maintain a very, very hearty and healthy dividend.”In April, AT&T said it was aiming for a dividend payout ratio in the “high 50% range.” But with the WarnerMedia assets jettisoned, it needs to resize, or cut, the dividend.In a news release Monday, AT&T said it expects an “annual dividend payout ratio of 40% to 43% of anticipated free cash flow of $20 billion plus.”Simon Flannery of Morgan Stanley observed in a research note Monday that, “If we assume an $8 [billion] payout, this would be a nearly 50% reduction from current levels of some $15 [billion] and would put the stock on a low 4%” yield and that stock “buybacks could also be a possibility down the road.”Bottom line: It’s still a cut.And that could put its status as a member of the S&P 500 Dividend Aristocrats, a group of stocks that have paid out higher dividends for at least 25 straight years, in peril. AT&T’s last increase, by a penny, was declared in late 2019.The stock’s status in that group will be reviewed, according to Howard Silverblatt of S&P Dow Jones Indices.","news_type":1},"isVote":1,"tweetType":1,"viewCount":61,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":23,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/195515055"}
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