The restaurant chain’s board of directors is hiking the quarterly dividend payout to $0.20 from $0.16 per share and the payout is payable on September 27, 2012 to shareholders of record as of September 10, 2012. Brinker’s board went a step further and authorized an additional $500 million for its share buyback plan today. This gives additional infusion for the buyback plan gives the company the ability to repurchase up to $626 million as of now. That is not a huge nominal buyback compared to elsewhere with larger companies, but it represents a huge portion of the company here as Brinker’s market cap is only $2.5 billion.
After calculating the dividend hike, Brinker will be paying shareholders as of today’s close a new dividend yield of 2.36% versus about 1.9% now. Shares closed down 0.7% at $33.85 and the 52-week range is $19.50 to $35.18.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.