UPDATE: Grainger (GWW) Raises Quarterly Dividend 5.9% to $1.44, 2% Yield; Authorizes Up to 5M Share Buyback
Grainger (NYSE: GWW) declared a quarterly dividend of $1.44 per share, or $5.76 annualized. This is a 5.9% increase from the prior dividend of $1.36.
The dividend will be payable on June 1, 2019, to stockholders of record on May 13, 2019, with an ex-dividend date of May 10, 2019.
The annual yield on the dividend is 2 percent.
Share Buyback
In addition, the board authorized the repurchase of up to 5 million shares of the company's outstanding common stock, replacing the company's existing repurchase program. The new repurchase program has no time limit. Since 2014, Grainger has reduced the number of shares outstanding by more than 15 percent and has returned approximately $5.4 billion to shareholders in the form of share repurchases and dividends. As of March 31, 2019, the company had approximately 55 million shares of common stock outstanding.
"We are committed to returning value to shareholders through consistent increases in the dividend and share repurchases while continuing to invest in the business and maintaining a healthy balance sheet," said Grainger Chairman and CEO, DG Macpherson.
For a dividend history and other dividend-related data on Grainger (GWW) click here.