Yum! Brands boosts its quarterly dividend by 14%
Fast food chain operator Yum! Brands (NYSE:YUM) said that its board gave the thumbs up for a 14% increase to the company's quarterly dividend, the seventh consecutive double-digit percentage increase.
Yum! Brands said the new cash dividend will rise from 25 cents to 28.5 cents per share boosting its annual dividend rate to $1.14 a share.
It is expected to cost the owner of KFC, Pizza Hut, Taco Bell and Long John Silver's an extra $16.3 million a quarter. The company said the dividend will be paid on Nov. 4 to shareholders of record Oct. 14.
Since initiating a divided in 2004 each annual increase has been at a double-digit percentage rate as its dividend policy continues to target a payout ratio of 35% to 40% of annual net income.
In July, the company said its second-quarter profit climbed 10%, mainly on surging business in China.
The Louisville, Kentucky-based company's stock rose 1.99% to trade at $53.27 Wednesday afternoon on the New York Stock Exchange.
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