Lockheed Martin Returning Billions of Dollars to Shareholders
Lockheed Martin is showing its shareholders the money -- and giving it to them as well.
On Thursday, the company announced two moves to return capital to shareholders, first by adding $3 billion to the funds its board of directors has authorized to be used for share repurchases, and second by increasing the amount of its Q4 2013 dividend payout by 16% to $1.33 per share.
Lockheed noted that the new dividend payment will be $0.18 greater than the Q3 payout. The new-and-improved Q4 dividend will be paid on Dec. 27, 2013.
With 267.65 million shares currently outstanding, Lockheed's Q4 dividend payout will be worth $356 million in total. Over the course of a year, it will swell to $1.4 billion, or nearly half the size of the buyback program.
Lockheed's new forward dividend yield is 4.1%.
The article Lockheed Martin Returning Billions of Dollars to Shareholders originally appeared on Fool.com.
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