Kroger Co. (NYSE: KR) made a few strong moves during Thursday’s trading session, and it has found investors happy with these decisions. The board of directors had sweeping approvals for an increased dividend yield, a two-for-one stock split and a new share repurchase program.
First of all, the board approved a two-for-one stock split. The split will occur on or about July 13 for shareholders of record at the close of July 6. Based on the net number of shares outstanding in late May, the stock split will increase the number of common shares outstanding to 962 million from roughly 481 million. This will be the fifth stock split in the history of the company.
Kroger increased its quarterly dividend to $0.21 per share on a pre-split basis, or 13.5%. Effectively, after the split, the dividend will be halved to $0.105 per share. Since 2006, Kroger has delivered double-digit compound…
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