Harvey Norman CEO Flogs More Properties As Share Value Rises
Harvey Norman shares are climbing with some observers claiming they could be a $6.00 stock by next year, the news comes as the CEO of the big retailer Katie Page, offloads another Queensland property netting $3.225 million.
The catalyst for the rise in the Harvey Norman share price appears to have been a broker note out of Goldman Sachs who are forecasting dividends per share of 36 cents in FY 2022, the potential total return increases to 27% including dividends if this happens.
Recently Harvey Norman directors cut back dividend payments instead they used additional capital to invest in new stock in anticipation of consumers flocking back to stores after COVID lockdowns are lifted.
Goldman Sachs believe that Harvey Norman is well positioned to capitalise on a stronger outlook for housing related categories such as consumer appliances and furniture.
The broker explained: “We expect the underlying growth outlook for Harvey Norman to remain ahead of the pre-pandemic averages for the home related categories.
While the brokers were tipping growth Katie Page who dabbles as a property developer in her spare time it was revealed that she has sold a home on the Gold Coast at Broadwater at Runaway Bay for $3.25 million, it follows on from the sale of another Gold coast property for $6.25M.
Page, the co-owner with billionaire husband and Harvey Norman founder Gerry Harvey of the Magic Millions, has owned the four-level Runaway Bay villa since 2006.
She bought two villas in a four-title Poinsettia Ave building for $1.26 million and combined them into one large, refurbished home serviced by a lift.
Two years ago, Page exited a site fronting the Broadwater at Labrador for $3 million.
She bought it for $2.1 million in 2007 and gained approval for a 16-level tower tagged Ripple.