ConAgra raises dividend, announces share repurchase
September 27, 2007
by Eric Schroeder
OMAHA — The board of directors of ConAgra Foods, Inc. on Thursday said it has raised its quarterly dividend and authorized an additional share repurchase, moves related to the company’s capital allocation program:
The quarterly dividend has been raised to 19c per share on the common stock from 18c. The quarterly dividend is payable Dec. 3 to shareholders of record at the close of business on Nov. 2.
ConAgra also announced that an additional $500 million of share repurchases has been authorized. The company said it plans to repurchase shares periodically, depending on market conditions, and may make purchases in the open market or through privately negotiated transactions.
"Today’s board actions demonstrate continued confidence in the company’s overall outlook and ability to generate strong amounts of free cash in the future," said Gary Rodkin, chief executive officer. "As always, we remain committed to returning capital to shareholders in a way that appropriately balances a healthy dividend, share repurchases and a strong balance sheet."