PURCHASE, N.Y ( TheStreet) -- PepsiCo's ( PEP) 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 Follow TheStreet.com on Twitter and become a fan on Facebook.