Hasbro Announces Dividend and Share Repurchase Authorization
Games giant Hasbro has received authorization from its Board of Directors to repurchase an additional $500 million of its common stock, it announced today.
The company restarted its buyback program in June 2005 and says it has repurchased $2.8 billion worth of shares, or 91.4 million shares at an average price of $30.30 per share since then. Shares are trading at $46.93 as of this writing. As of July 31, $71.8 million remained available from Hasbro's most recent share price authorization, in May 2011.
Additionally, Hasbro will be keeping a steady quarterly dividend of $0.40 per share of common stock. The company has paid this amount the past two quarters after raising the payout 11% from $0.36 a share. The company's current dividend annualizes to $1.60 per share, and as of its $46 closing price on July 31, Hasbro's dividend yields 3.5%. The dividend will be payable on Nov. 15 to shareholders of record as of Nov. 1.
The article Hasbro Announces Dividend and Share Repurchase Authorization originally appeared on Fool.com.Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends Hasbro. The Motley Fool owns shares of Hasbro. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.