said late Monday it will increase its quarterly dividend to 28 cents per share from 25 cents. On an annualized basis, the increase raises General Mills' dividend yield to 3% from 2.68% previously.
"The dividend increase announced today is a reflection of our company's robust financial condition and excellent future growth prospects," General Mills Chairman and CEO Ken Powell said Monday in a statement. The dividend is payable on Aug. 2 to shareholders of record July 12.
General Mills also said its board has authorized a new plan to repurchase up to 100 million common shares. The repurchase authorization replaces a previous one established in December 2006, and has no expiration date.
The announcements came a day before General Mills posts its fiscal fourth-quarter financial results. Analysts expect a profit of 41 cents a share on revenue of $3.55 billion, according to a Thomson Reuters poll. The earnings report is due after the close of trading Tuesday.
-- Written by Robert Holmes in Boston
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