Fintel reports that on May 1, 2023, Wells Fargo upgraded their outlook for Otis Worldwide (NYSE:OTIS) from Underweight to Equal-Weight .
Analyst Price Forecast Suggests 1.55% Upside
As of April 24, 2023, the average one-year price target for Otis Worldwide is 87.29. The forecasts range from a low of 75.75 to a high of $99.75. The average price target represents an increase of 1.55% from its latest reported closing price of 85.95.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Otis Worldwide is 14,134MM, an increase of 3.80%. The projected annual non-GAAP EPS is 3.48.
Otis Worldwide Declares $0.34 Dividend
On April 25, 2023 the company declared a regular quarterly dividend of $0.34 per share ($1.36 annualized). Shareholders of record as of May 19, 2023 will receive the payment on June 9, 2023. Previously, the company paid $0.29 per share.
At the current share price of $85.95 / share, the stock's dividend yield is 1.58%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.36%, the lowest has been 1.04%, and the highest has been 2.90%. The standard deviation of yields is 0.30 (n=146).
The current dividend yield is 0.72 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.38. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.15%.
What is the Fund Sentiment?
There are 1961 funds or institutions reporting positions in Otis Worldwide. This is an increase of 47 owner(s) or 2.46% in the last quarter. Average portfolio weight of all funds dedicated to OTIS is 0.28%, an increase of 7.55%. Total shares owned by institutions increased in the last three months by 1.55% to 418,119K shares. 
The put/call ratio of OTIS is 1.64, indicating a bearish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 12,663K shares representing 3.06% ownership of the company. In it's prior filing, the firm reported owning 12,532K shares, representing an increase of 1.03%. The firm increased its portfolio allocation in OTIS by 14.54% over the last quarter.
Geode Capital Management holds 9,826K shares representing 2.38% ownership of the company. In it's prior filing, the firm reported owning 9,726K shares, representing an increase of 1.02%. The firm increased its portfolio allocation in OTIS by 14.65% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 9,630K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 9,526K shares, representing an increase of 1.08%. The firm increased its portfolio allocation in OTIS by 14.32% over the last quarter.
Fiera Capital holds 9,164K shares representing 2.22% ownership of the company. In it's prior filing, the firm reported owning 9,329K shares, representing a decrease of 1.80%. The firm decreased its portfolio allocation in OTIS by 44.64% over the last quarter.
Alliancebernstein holds 9,106K shares representing 2.20% ownership of the company. In it's prior filing, the firm reported owning 9,637K shares, representing a decrease of 5.84%. The firm increased its portfolio allocation in OTIS by 7.81% over the last quarter.
Otis Worldwide Background Information
(This description is provided by the company.)
Otis Worldwide Corporation gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, Otis moves 2 billion people a day and maintain more than 2 million customer units worldwide - the industry's largest Service portfolio. Otis is present in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 40,000 field professionals, all committed to meeting the diverse needs of its customers and passengers in more than 200 countries and territories.
This story originally appeared on Fintel.
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