Mead Johnson Ups Dividend, Authorizes $300 Million Buyback
March 21, 2010 (FinancialWire) — Mead Johnson Nutrition Co. (NYSE: MJN) said that its board of directors had approved a 12.5 percent increase in its common stock dividend and authorized the repurchase of up to $300 million of the company’s common stock.
The board declared a regular quarterly dividend of $0.225 per share for the quarter ending March 31, 2010, up from $0.20 per share. The dividend will be paid on April 1, 2010, to shareholders of record on March 24, 2010.
Mead Johnson said the repurchase program is primarily intended to offset the dilutive impact on earnings from equity-based compensation over the next three to five years.
Illinois-based Mead Johnson is engaged in the pediatric nutrition market. The company develops, manufactures, markets and distributes more than 70 products in 50 markets worldwide.
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