Amcor PLC (ASX: AMC) shares have underperformed over the last 12 months.
On Tuesday, shares in the S&P/ASX 200 Index (ASX: XJO) global packaging giant closed up 0.51%, trading for $55.25 apiece.
Despite that lift, Amcor shares remain down 22.24% since this time last year, trailing the 5.31% 12-month gains delivered by the benchmark index.
However, following on the now completed acquisition of United-States-based packaging company Berry Global last year, Amcor has ramped up its dividends.
The ASX 200 stock is favoured by many passive income investors for making quarterly payouts, rather than just twice per year.
Indeed, in the first two quarters of 2026, the company has declared two unfranked dividends totalling $1.84 a share. That's up from a total of 39.4 cents a share from the previous two quarterly dividends.
The latest Amcor dividend of 91 cents a share for the March quarter is still up for grabs, by the way. If you want to bank that passive income, you'll need to own the stock at market close on 26 May. Amcor shares trade ex-dividend on 27 May. You can then expect to see receive that payout on 17 June.
That passive income boost was supported by a 77% year-on-year increase in quarterly net sales to US$5.91 billion. And Amcor's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$892 million leapt by 87%.
Which brings us back to our headline question…
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Amcor shares: Buy, hold, or sell?
Sanlam Private Wealth's Remo Greco recently analysed the outlook for Amcor stock (courtesy of The Bull).
Greco noted that Amcor shares have come under heavy selling pressure since trading at six-month highs in February.
According to Greco:
The global packaging giant's share price has fallen significantly from recent highs over investor concerns about rising plastic resin costs, which are linked to petrochemical and oil prices.
The RBA's three consecutive interest rate hikes in 2026 and the resulting rising Aussie dollar, along with the outbreak of the Iran war, have also thrown up headwinds for the stock.
Greco said:
Concerns about potential supply constraints and a stronger Australian dollar have contributed to a weaker share price. The shares have fallen from $67.84 on February 27, a day prior to the start of the Middle East conflict, to trade at $55.32 on May 7.
Connecting the dots, Greco issued a hold recommendation on Amcor shares.
"The sell-off may have been excessive. The stock trades notably below peers and was recently yielding more than 7%. A de-escalation of Middle East tensions would lower earnings risk," he concluded.
