Tractor Supply (TSCO) Declares $0.24 Quarterly Dividend; 1.5% Yield; Adds $1B to Stock Buyback Program
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Tractor Supply (NASDAQ: TSCO) declared a quarterly dividend of $0.24 per share, or $0.96 annualized.
The dividend will be payable on November 29, 2016, to stockholders of record on November 14, 2016, with an ex-dividend date of November 9, 2016.
The annual yield on the dividend is 1.5 percent.
The Board also authorized a $1 billion increase to its existing share repurchase program, bringing the total amount authorized to date under the program to $3 billion. The program, established in February 2007, has also been extended through December 31, 2020. As of September 24, 2016, the Company had repurchased 48.4 million shares of common stock (adjusted to reflect the effect of stock splits) for approximately $1.6 billion. While the repurchase plan does not obligate the Company to repurchase any shares, the remaining $1.4 billion under the expanded share repurchase program represents approximately 16% of the Company's outstanding shares at current prices.
Greg Sandfort, Chief Executive Officer, stated, "We are committed to driving long-term shareholder value through a balanced, strategic approach by managing growth, cash flow and capital allocation. We believe the Board's decision to increase the share repurchase authorization underscores their confidence in the Company's long-term growth, financial return and strong business model."
Anthony Crudele, Chief Financial Officer, commented, "The business continues to produce significant cash flow, providing us with substantial financial liquidity and a strong balance sheet. We have the financial capacity to continue to make investments in technology, supply chain and our stores to enhance operational efficiencies. As a result of our strong cash flow and our disciplined approach to capital allocation, we also have the opportunity to continue returning excess cash to our shareholders in a balanced manner through dividends and share repurchase."
The share repurchases may be made from time to time in the open market or through privately negotiated transactions at management's discretion, depending on market conditions and other factors, in accordance with Securities and Exchange Commission and other applicable legal requirements. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board of Directors at any time.
For a dividend history and other dividend-related data on Tractor Supply (TSCO) click here.
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