Eligible shareholders can expect to receive the all-time high ResMed Inc (ASX: RMD) dividend on 19 September.
But if you want to grab some of that handy passive income, you'll need to own shares by market close tomorrow, 13 August.
That's because ResMed shares trade ex-dividend on Wednesday. Meaning investors who buy the stock from Wednesday morning onwards, will no longer have rights to that passive income payout. Those rights remain with shareholders who own the stock at market close tomorrow.
Unlike the majority of ASX income stocks, which pay out dividends twice a year, the S&P/ASX 200 Index (ASX: XJO) sleep disorder treatment company pays out its dividends on a quarterly basis.
And while ResMed isn't a particularly high-yielding stock, the company has been steadily growing its dividends for more than a decade now.
As for the share price, ResMed shares have soared 30% so far in 2024, currently at $33.06 a share.
Here's what happened over the quarter just past that enabled management to boost the ResMed dividend payout once more.
ResMed dividend hits new record highs
ResMed reported its quarterly and full financial year (FY 2024) results on 2 August.
Highlights for the quarter included a 9% increase in revenue, which came in at US$1.2 billion.
Revenue was up across all of the company's geographic operating areas, including North America, Latin America, Europe and Asia.
The strong performance led to management declaring a 10% boost in the ResMed dividend to 5.7 cents per share, unfranked.
The company also noted that during the quarter (Q4 FY 2024), it paid $71 million in dividends and repurchased 232,000 shares for consideration of $50 million as part of its ongoing capital management.
As for the full 2024 financial year performance, the ASX 200 healthcare company reported revenue of US$4.7 billion, up 11% from FY 2023.
Commenting on the strong results that have helped boost the ResMed share price and dividends over the year, CEO Mick Farrell noted that almost 2.5 billion people suffer from significant sleep health and breathing disorders.
"As the market leader in these significantly underpenetrated markets, we're well-positioned as the clear leader to drive increased market penetration, demand generation, and accelerate growth for our businesses," Farrell said.
Farrell added:
We're laser-focused on increasing awareness with the fast-growth population of sleep-health-interested consumers, creating virtual pathways that expand access to therapies, while offering a broad portfolio of medical device products, software solutions, and beyond, as we deliver value for all ResMed stakeholders.
Taking the latest ResMed dividend into account, the ASX 200 stock trades on an unfranked yield (partly trailing, partly pending) of 0.7%.
