MENLO PARK, Calif. - Robert Half Inc. (NYSE:RHI), a global talent solutions and business consulting firm, has declared a quarterly cash dividend of $0.53 per share, as confirmed by its board of directors today. The dividend is scheduled to be disbursed to shareholders on September 13, 2024, with an ex-dividend date of August 23, 2024.
The company, which prides itself on being the world's first and largest specialized talent solutions firm, operates across various sectors, including finance, accounting, technology, legal, and administrative support. Robert Half also owns Protiviti, a consulting firm that offers internal audit and business consulting services.
In 2024, Robert Half and Protiviti have received recognition as one of the Fortune Most Admired Companies and 100 Best Companies to Work For, as well as a Forbes Best Employer for Diversity. These accolades reflect the company's commitment to workplace excellence and diversity.
The announcement of the dividend payment follows Robert Half's established practice of returning value to its shareholders and indicates the company's ongoing financial health. Dividends are a way for companies to distribute profits back to shareholders, and the declaration of a dividend typically reflects confidence in the company's profitability and future prospects.
In other recent news, Robert Half International Inc (NYSE:RHI). reported a decline in both revenues and net income per share for the second quarter of 2024, with revenues dropping to $1.473 billion, a 10% decrease from the previous year, and net income per share falling to $0.66 from $1. Analyst firms BMO Capital Markets, Truist Securities, and Jefferies have all adjusted their outlooks on Robert Half, citing weak demand and longer sales cycles as contributing factors to the company's performance. BMO Capital Markets lowered its price target from $72.00 to $64.00, Truist Securities reduced its price target from $72.00 to $62.00, and Jefferies cut its shares target to $56 from $60.
Despite the downturn, Robert Half's subsidiary Protiviti showed resilience with a marginal revenue decline and strong prospects. The company is also planning to transition Protiviti's Mainland China operations to an independently owned Member Firm, which will incur a restructuring charge of $0.08 per share. Amid these developments, all three analyst firms maintained their respective Market Perform, Hold, and Underperform ratings on the company's stock, suggesting that the company's stock is expected to perform in line with market or sector averages in the near term. These are the most recent developments for Robert Half International Inc.
InvestingPro Insights
As Robert Half Inc. (NYSE:RHI) announces its quarterly cash dividend, it's worth noting that the company's financials, as per InvestingPro real-time data, show a market capitalization of $6.65 billion USD and a P/E ratio of 21.21, which has slightly adjusted to 21.03 over the last twelve months as of Q2 2024. Despite a challenging environment indicated by a revenue decline of 13.46% over the same period, the company maintains a robust gross profit margin of 39.51%.
InvestingPro Tips highlight that Robert Half has been proactively managing its capital, as evidenced by aggressive share buybacks and holding more cash than debt on its balance sheet. This conservative financial strategy is complemented by the company's impressive track record of raising its dividend for 20 consecutive years, showcasing its commitment to shareholder returns. This is particularly reassuring given that analysts have revised their earnings downwards for the upcoming period and anticipate a sales decline in the current year.
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