SAIC Initiates Dividend and Authorizes Stock Buyback

Defense contractor Science Applications International Corp., better known as SAIC , announced today it was initiating a quarterly dividend program of $0.28 per share. The initial cash dividend is payable on October 30 to stockholders of record as of the close of business on October 15.

The board also announced it was authorizing a program under which SAIC may repurchase up to 5 million shares of company stock, though the timing and actual number of shares bought back will depend on a variety of factors, including price, corporate, and regulatory requirements, as well as other market conditions..

Noting the twin moves reflect the company's strong financial position, SAIC CEO Tony Moraco said, "The initiation of a quarterly dividend and share repurchase authorization are consistent with our stated capital allocation policies."

The regular dividend payment equates to a $1.12-per-share annual dividend, yielding 3.3% based on the closing price today of SAIC's stock.

The article SAIC Initiates Dividend and Authorizes Stock Buyback originally appeared on

Fool contributor Rich Duprey has no position in any stocks mentioned, and neither does The Motley Fool. 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.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.