Smucker hikes dividend, details share repurchase
Jan. 28, 2011
by Eric Schroeder
ORRVILLE, OHIO — The board of directors of the J.M. Smucker Co. has approved a 10% increase in the company’s quarterly dividend, to 44c per share from 40c per share. The dividend will be payable March 1 to shareholders of record as of Feb. 11.
In addition to the dividend increase, Smucker said it bought back approximately 3.7 million company shares during the current quarter. Smucker’s board has increased the company’s share repurchase authorization by 5 million common shares.
“We are pleased with the board’s actions to increase the quarterly dividend and authorize additional shares to be repurchased,” said Tim Smucker, chairman of the board and co-chief executive officer. “These actions indicate the confidence we have in our business and the strong cash flows it generates.”