Monsanto (MON) Approves New $2B Buyback Plan, Dividend
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Monsanto Company (NYSE: MON) has approved a new three-year share repurchase program and declared a quarterly dividend.
Monsanto's board authorized a new share repurchase program, effective July 1, 2013, for up to $2 billion of the company's common stock over a three-year period. The new program will commence at the completion of Monsanto's existing $1 billion share repurchase program, which was effective beginning in July 2012.
The Board of Directors also declared a quarterly dividend of 37.5 cents per share on the company's common stock. The dividend relates to the company's third quarter of its 2013 fiscal year and is payable on July 26, 2013 to shareowners of record on July 5, 2013.
"The strong business performance we've achieved has allowed us the opportunity to evolve our cash deployment approach as we look to return more value to our shareowners," said Pierre Courduroux, chief financial officer for Monsanto. "As we continue to grow our global business, we will use the strength of our cash position to both grow our business through investments, as well as returning cash to shareowners in the form of dividends and share repurchases."
Monsanto will release its third-quarter earnings on Wednesday, June 26.
Monsanto's board authorized a new share repurchase program, effective July 1, 2013, for up to $2 billion of the company's common stock over a three-year period. The new program will commence at the completion of Monsanto's existing $1 billion share repurchase program, which was effective beginning in July 2012.
The Board of Directors also declared a quarterly dividend of 37.5 cents per share on the company's common stock. The dividend relates to the company's third quarter of its 2013 fiscal year and is payable on July 26, 2013 to shareowners of record on July 5, 2013.
"The strong business performance we've achieved has allowed us the opportunity to evolve our cash deployment approach as we look to return more value to our shareowners," said Pierre Courduroux, chief financial officer for Monsanto. "As we continue to grow our global business, we will use the strength of our cash position to both grow our business through investments, as well as returning cash to shareowners in the form of dividends and share repurchases."
Monsanto will release its third-quarter earnings on Wednesday, June 26.
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