Yum! Brands Inc. (NYSE: YUM) Board of Directors authorized the Company to repurchase up to $750 million in additional shares of common stock and declared a dividend of $0.37 per share of common stock. The quarterly dividend will be distributed February 7, 2014, to shareholders of record at the close of business on January 17, 2014. Since initiating a dividend in 2004, Yum! has increased its dividend at a double-digit percentage rate each of the past nine years, placing Yum! in a select group of companies from the S&P 500 to do so.
The $750 million in additional share repurchases of the Company’s outstanding common stock is authorized through May 31, 2015. Repurchases of common stock may be made from time to time in the open market or through privately negotiated transactions and will be subject to market conditions and other factors. Year-to-date, the Company has repurchased $708 million of shares of common stock at an average price of $68.
Yum!’s first priority with the operating cash it generates is to invest in high-return global growth opportunities. In addition, Yum! is committed to returning significant cash to shareholders. The Company has returned $5.8 billion of cash through the combination of share repurchases and dividends over the past five fiscal years.
Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 130 countries and territories. Yum! Brands is ranked #201 on the Fortune 500 List with revenues of over $13 billion in 2012 and in 2013 was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine. The Company’s restaurant brands - KFC, Pizza Hut and Taco Bell - are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened on average over five new restaurants per day, making it a leader in international retail development.