As we near the end of the month, the number of companies in the S&P/ASX All Ordinaries Index (ASX: XAO) turning ex-dividend is dwindling.
Nonetheless, there will be two high-yielding ASX All Ords shares going ex-dividend tomorrow.
In other words, these companies will be taking away entitlements to their upcoming dividend payments. Let's check them out.
Image source: Getty Images
Myer Holdings Ltd (ASX: MYR)
First up, ASX retail share Myer will be trading tomorrow without a fully franked final dividend of 2.5 cents per share.
That means that today will be the last day to lock in this dividend. As of tomorrow, investors buying Myer shares will be doing so without entitlements to the upcoming dividend, which will be paid on 7 November.
But accordingly, Myer shares will likely drop tomorrow as the value of the dividend leaves the share price.
Myer operates on a slightly different financial calendar than the rest of the ASX. Its financial year ends in July, so the department store handed in its FY22 results a couple of weeks ago.
Despite 11% of trading days in lockdown, Myer achieved total sales of nearly $3 billion, up 12% from the prior year.
Adjusted net profit after tax (NPAT) more than doubled to $60 million, capped off by Myer's best second-half profit result in the company's history.
Prior to this year, Myer last doled out dividends in FY17. It reinstated dividends back in February when announcing its first-half 2022 results, with CEO John King commenting:
Myer will pay a dividend for the first time in four years, demonstrating our confidence in the momentum being built as we move into the second half, with a return to sales growth in the first five weeks of second half with trade up 15.2% and a strong platform of future initiatives that are yet to be delivered as part of the Customer First Plan.
In the end, Myer declared total dividends of 4 cents per share in FY22, fully franked. This means that Myer shares are currently spinning up an eye-catching trailing dividend yield of 7.1%. Including franking credits, this yield grosses up to 10.2%.
Cedar Woods Properties Limited (ASX: CWP)
Next up, property developer Cedar Woods is another ASX All Ords share going ex-dividend tomorrow.
The company released its FY22 results last month, hiking its final dividend by 7% to 14.5 cents, fully franked.
Investors on Cedar Woods' share registry at the end of today will receive this payment on 28 October.
FY22 was a year of growth for Cedar Woods. Revenue lifted by 11% to $333 million, while NPAT came in ahead of guidance at $37 million, up 14% from the prior year.
The company noted that its projects experienced 'good' demand during the year across the four states it operates in and most product types. However, sales rates have weakened in recent months in response to interest rate increases.
Nonetheless, the company entered FY23 with $500 million of presales contracts. Around 70% of these contracts are expected to settle in FY23.
The profit growth Cedar Woods achieved in FY22 translated to an uplift in dividends. Across the financial year, the company raised its total dividends by 4% to 27.5 cents, fully franked. This represents a dividend payout ratio of roughly 60% of NPAT.
Based on current prices, this ASX All Ords share is printing a trailing dividend yield of 6.7%. With the benefit of franking credits, this yield dials up to 9.6%.
