Toombs Media Corp. recently completed a 3-for-1 stock split. Prior to the split, its stock sold for $80 per share. The firm's total market value was unchanged by the split. Other things held constant, what is the best estimate of the stock's post-split price? $240 $120 $26.40 $22.40 $26.67

Toombs Media Corp. recently completed a 3-for-1 stock split. Prior to the split, its stock sold for $80 per share. The firm's total market value was unchanged by the split. Other things held constant, what is the best estimate of the stock's post-split price? $240 $120 $26.40 $22.40 $26.67

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter15: Distributions To Shareholders: Dividends And Repurchases

Section: Chapter Questions

Problem 8P: Stock Split Fauver Enterprises declared a 3-for-1 stock split last year, and this year its dividend...

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