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I just received my statement from my first purchase into Pfizer's DRIP program. I sent $50 that was invested on June 3 for 1.378 shares at $36.281 per share! Why would they give me a split-adjusted price on June 3 when the split is not due to happen until July 1? Did they mess up?

A similar thing happened to me with MEL on their recent split; one of my OCPs went in at the split-adjusted price while it was still trading at the non-split price. Then later, I received notification of the split shares; only the shares I had owned previously split. It looks like after the record date shares don't split, but they're bought at the new price...but you don't receive the new shares until the "split date".

It's a bit more complicated than one might expect, probably because brokers keep track of all that behind the scenes, and as Drip investors we get to deal with it a bit more directly.

Never go on an adventure without a hat!
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