Market Overview

Warner Chilcott To Pay $8.50 Dividend On 9/8


Warner Chilcott PLC (NASDAQ: WCRX) has delivered a special dividend directly to shareholders and has indicated its confidence in future cash flows, according to Jefferies & Company, a dividend totaling $8.50/share, expected to pay out on September 8.

Jefferies writes that 2011 EPS estimates are at $3.22 is based on a 7.7x multiple, and the impact of recapitalization has lowered guidance to $0.60 (from $0.65) for 3Q2010.

Jefferies reiterates its Buy rating and $32 price target.

Warner Chilcott PLC closed yesterday at $28.12.

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