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Rick0209
2021-05-18

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AT&T’s Dividend Payout Stands to Be Cut ‘Nearly 50%’ in WarnerMedia Deal

There’s bad news for income investors: AT&T’s 52-cent-a-share dividend would be cut if its sale of W

AT&T’s Dividend Payout Stands to Be Cut ‘Nearly 50%’ in WarnerMedia Deal

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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&nbsp;S&amp;P 500,&nbsp;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&amp;T CEO&nbsp;John Stankey&nbsp;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&amp;T to “accelerate our deleveraging of the business,” he added.</p><p>Under the deal with Discovery (DISCA), AT&amp;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&amp;T is “continuing to maintain a very, very hearty and healthy dividend.”</p><p>In April, AT&amp;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&amp;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&nbsp;of &nbsp;Morgan Stanley&nbsp;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&amp;P 500 Dividend Aristocrats, a group of stocks that have paid out higher dividends for at least 25 straight years, in peril. 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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,"symbols_score_info":{"T":0.9}},"isVote":1,"tweetType":1,"viewCount":1036,"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":20,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

AT&T’s Dividend Payout Stands to Be Cut ‘Nearly 50%’ in WarnerMedia Deal

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