Valvoline (NYSE:VVV) declared a dividend payable on June 15, 2021 to its shareholders as of April 22, 2021. It was also announced that shareholders of Valvoline's stock as of May 28, 2021 are entitled to the dividend. The stock is expected to become ex-dividend 1 business day(s) before the record date. Valvoline has an ex-dividend date set for for May 27, 2021. The company's current dividend payout is $0.12, which equates to a dividend yield of 1.76% at current price levels.

An ex-dividend date is when a company's shares stop trading with its current dividend payout in preparation for the company to announce a new one. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis.

Over the past year, Valvoline has seen its dividend payouts climb upward and its yields trend downward. Last year on May 28, 2020 the company's payout sat at $0.11, which has since increased by $0.01. Valvoline's dividend yield last year was 3.27%, which has since decreased by 1.51%.
Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.