Cochlear Limited (ASX: COH) shareholders are likely to have something to cheer about today as the company pays out its latest dividend.
The hearing solutions company is set to reward eligible investors with an unfranked interim dividend of $1.55 per share.
At Wednesday's market close, the Cochlear share price finished 1.23% higher at $227.20.
For context, the S&P/ASX 200 Index (ASX: XJO) also climbed yesterday with a slight gain of 0.05% to 7,569.2 points.
Let's look at the details regarding the company's dividend.
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Cochlear pays interim dividend
On 22 February, Cochlear reported a robust performance in its half-year results for the 2022 financial year.
In summary, sales revenue increased 10% to $815 million compared to the prior corresponding period. This was driven by an uneven split between emerging and developed markets.
On the bottom line, Cochlear recorded a 26% lift in underlying net profit after tax (NPAT) of $158 million.
Management noted that the COVID-19 pandemic challenged the results, affecting hospital staffing levels.
Nonetheless, the board elected to bump up its interim dividend by 35% on the previous year's first-half distribution of $1.15 per share.
Based on the current share price, Cochlear is trailing on a forecast dividend yield of 0.62%
Cochlear share price summary
Cochlear shares have nudged 5% higher over the last 12 months, buoyed by strong gains after delivering its financial scorecard. The company's shares are up 4% this year to date.
The Cochlear share price reached a 52-week low of $178.55 in January but has regained some ground and is now trading around November 2021 levels.
Cochlear has a price-to-earnings (P/E) ratio of 57.56 and commands a market capitalisation of roughly $14.94 billion.
