The Cochlear Limited (ASX: COH) share price is backtracking on Monday as it trades ex-dividend.
At the time of writing, Cochlear shares are swapping hands for $218.05, down 2.16%.
Below we take a closer look at Cochlear's latest dividend and when shareholders can expect payment.
Shareholders set eyes on Cochlear interim dividend
Following the company's half year results, investors are eyeing Cochlear shares as they go ex-dividend today.
Typically, one business day before the record date, the ex-dividend date is when investors must have purchased shares. If the investor does not buy Cochlear shares before this date, the dividend will go to the seller.
Historically, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because investors tend to sell off the company's shares after securing the dividend.
When can shareholders expect to be paid?
For those eligible for Cochlear's interim dividend, shareholders will receive a payment of $1.55 per share on 21 April. Unfortunately, the dividend is unfranked which means investors will miss out on the imputed tax credits.
The latest interim dividend reflects a 35% lift from the $1.15 declared in the prior comparable period.
The payout ratio is 65% of the company's underlying net profit.
Cochlear share price summary
Since the beginning of 2022, Cochlear shares are around 2% higher in the green.
Cochlear shares reached a 52-week low of $178.55 in January, before surging higher over the following weeks.
Based on today's price, Cochlear commands a market capitalisation of roughly $14.29 billion and has a trailing dividend yield of 1.17%.
