3/17/2010-Mead Johnson Nutrition (NYSE: MJN) said Wednesday that its board of directors had approved a 12.5% increase in its common stock dividend to $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.
The board also authorized the repurchase of up to $300 million of the company's common stock, intended to offset the dilutive impact on earnings from equity-based compensation over the next three to five years.
Mead Johnson CEO Stephen W. Golsby commented, "These decisions by our board are based on the company's solid financial performance over the past year, as well as confidence in our future growth prospects and ability to generate strong cash flow. While our number one objective is to use our cash flow to drive profitable growth, we believe returning cash to shareholders in the form of dividends and stock repurchases also reflects our commitment to enhancing shareholder value."
Keywords: Mead johnson nutrition Dividend repurchase buyback
Ticker(s): MJN
