Marvell Technology (MRVL) Declares $0.06 Quarterly Dividend, Approves $1B Buyback

November 17, 2016 4:13 PM EST

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Marvell Technology (NASDAQ: MRVL) declared a quarterly dividend of $0.06 per share, or $0.24 annualized.

The dividend will be payable on December 28, 2016, to stockholders of record on December 6, 2016, with an ex-dividend date of December 2, 2016.

The annual yield on the dividend is 1.8 percent.

Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, networking, and connectivity semiconductor solutions, today announced that the Board of Directors has authorized a $1 billion share buyback program. This newly authorized stock repurchase program replaces in its entirety the prior $3.25 billion stock repurchase program, which had approximately $115 million of repurchase authority remaining. The Company currently intends to repurchase approximately $500 million worth of shares over the next 12 months.

Under the program authorized by its Board of Directors, Marvell may repurchase shares in open-market purchases or through privately negotiated transactions. The extent to which Marvell repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by Marvell's management team. The repurchase program may be suspended or discontinued at any time.

For a dividend history and other dividend-related data on Marvell Technology (MRVL) click here.

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