Yum Brands Inc.?the owner of the KFC, Pizza Hut and Taco Bell fast-food brands?is adding another $2 billion to its stock buyback authorization.
The $2 billion, to be used by the end of 2017, would be on top of what is left of its $4.2 billion authorization announced in May. Last month, when it filed a quarterly regulatory form, the Louisville, Ky.-based company said it had about $1.6 billion remaining.
Yum, which has spun off its China business, has increased considerably its return to shareholders, buying back some $3.76 billion of its stock through Sept. 3 and raising its quarterly dividend by a nickel to 51 cents a share.
Yum's shares closed Thursday at $60.76, up 16% this year, while Yum China Holdings Inc.'s shares closed at $27.09, up 6% over the past month.
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(END) Dow Jones Newswires
November 17, 2016 19:55 ET (00:55 GMT)
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