Colgate-Palmolive Boosts Dividend; Unveils New $5 Bln Stock Buyback Program

(RTTNews) - Colgate-Palmolive Co. (CL) said Thursday that its Board of Directors has increased the ongoing quarterly common stock cash dividend by 6%.

The new rate of $0.38 per share, up from $0.36 per share, will be effective in the second quarter, 2015. The second quarter dividend is payable on May 15 to shareholders of record as of April 23.

Colgate-Palmolive also said its board has authorized a new share repurchase program providing for the repurchase of shares of common stock having an aggregate purchase price of up to $5 billion.

The program replaces the share repurchase program approved by the Board in September, 2011. The company currently expects the new program to last three to four years.

As of December 31, 2014, the New York-based company had about 907 million shares of common stock outstanding.