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Dividend increase and buy-back announcement

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On Wednesday morning at approximately 11 AM (April 4, 2017) TJX Corp. of Framingham, MA (owner of Marshalls and Home Goods plus other smaller retailers) increased its quarterly cash dividend from $0.26 to $0.3125 per share. In addition, the firm announced it would continue the $1.3-$1.8B common stock repurchase program announced in January. The firm has approximately 652M shares outstanding. On Tuesday April 3 the firm's stock closed at $78.33. On Wednesday April 4 the shares closed at $76.71. On Thursday April 5 the shares closed at $75.93.

A. How much (%) did TJX increase its dividend on April 4th?

B. At the closing price of the stock on April 4th, how many shares could TJX purchase for Treasury Stock if they spent the full amount of the announced program?

C. What was the price response (%) of TJX to the dividend increase/buy-back announcement?

D. Are there any financial theories that might explain such a stock price reaction?

E. The S&P500 closed April 3 at 2358.84 and at 2360.16 on April 4th. What was the one-day (%) in this market index? Does this make the performance of TJX more or less surprising (why)?

Reference no: EM133306370

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