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Note that yahoo is posting the forward dividend yield. Other yields, trailing (that you seem to describe) and indicated, are described (Investopedia) here and (Wikipedia) here. See also this, this, and related links on Stack Exchange. In general, for (estimated) discrete dividends $ (D_i)_{1\leq i\leq n} $ at future times $(0<)t_1<\ldots<t_n (\leq T)...


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All the events that affect shares outstanding happen overnight.


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