Stocks that may be poised for special dividends, Morgan Stanley says

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Stocks that may be poised for special dividends, Morgan Stanley says

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parent’s shares are up more than 30% this year, and they offer a modest dividend yield of 0.4%. On June 12, Morgan Stanley analyst Brian Nowak highlighted the company as a leader in artificial intelligence, noting Alphabet’s “improved multi-modal model capabilities” and its “integrations into search and the smartphone ecosystem.” The stock is also beloved by Wall Street, with 45 out of the 54 analysts covering Alphabet rating it a buy or strong buy, per LSEG. Payroll provider Paychex was also on Morgan Stanley’s list of potential special dividend payers. The company currently offers a dividend yield of 3.1%, though shares are up a modest 5% in 2024. Paychex is expected to report its fiscal fourth quarter results on Wednesday. Just last month, it announced a 10% dividend hike to 98 cents a share. Nevertheless, Wall Street is largely lukewarm on the name, with 16 out of 20 analysts covering the stock rating it a hold, according to LSEG. EOG Resources was another name that made the cut. The energy stock offers a dividend yield of 2.9%, and it’s up 3% in 2024. Bank of America analyst Kalei Akamine this month reinstated coverage of EOG with a price target of $151, suggesting more than 20% upside from Monday’s close. “In our view, EOG is undervalued for its deep inventory of drilling locations and compressing multiple,” the analyst wrote on June 14. In all 17 of the 32 analysts covering the stock deem it a buy or strong buy, according to LSEG.

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Breaking News: Investing,Dividends,EOG Resources Inc,Paychex Inc,Alphabet Inc,Investment strategy,business news
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