McGraw-Hill Expands Buyback

The company says it will boost its dividend as well.
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McGraw-Hill (MHP) boosted its dividend by 10% and said it would buy back more stock.

The New York publisher will pay an 18.15-cent quarterly dividend March 10 to holders of record Feb. 24. McGraw-Hill had previously paid 16.5 cents.

The buyback plan calls for the company to buy back as many as 45 million shares, including 15 million this year. The company said the buyback authority covers 12% of its outstanding stock.

"Our Board of Directors' actions demonstrate The McGraw-Hill Companies' commitment to maximizing shareholder value and total shareholder return," said CEO Harold McGraw III. "Our portfolio of market-leading businesses continues to perform extremely well, and since 1996 we have returned more than $4.1 billion to shareholders -- including approximately $924 million in 2005 -- through share repurchases and increased dividends."