PepsiCo to Buy Back $15 Billion of Stock
PepsiCo's board approved a 7% increase in the annual dividend and the repurchase of up to $15 billion of PepsiCo common stock through June 2013.
PURCHASE, N.Y (
) --
PepsiCo's
(PEP) - Get Report
board approved an annual dividend increase of 7% and the repurchase of up to $15 billion of common stock through June 2013.
The annual dividend will be raised to $1.92 a shaere from $1.80, its 38th consecutive increase. PepsiCo said its moves reflect continued confidence in the growth of its business.
PepsiCo made a $600 million voluntary pension contribution earlier this year and anticipates repurchasing about $4.4 billion of common stock in 2010.
-- Reported by Andrea Tse in New York
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