Summary
Deere & Company announced a significant expansion of its shareholder return program on December 4, 2013. The company's Board of Directors authorized an additional $8 billion for common stock repurchases, signaling strong confidence in the company's future growth prospects and a commitment to enhancing shareholder value. This expanded buyback program supplements an existing authorization and underscores Deere's strategy of returning capital to investors. Alongside the buyback, the company declared its regular quarterly dividend of $0.51 per share, payable in February 2014.
Key Highlights
- 1Deere & Company's Board of Directors authorized an additional $8 billion share repurchase program for common stock.
- 2This new authorization supplements an existing $5 billion program, with approximately $1 billion remaining under the prior authorization as of October 31, 2013.
- 3The company declared a regular quarterly dividend of $0.51 per share on common stock.
- 4The dividend is payable on February 3, 2014, to shareholders of record as of December 31, 2013.
- 5The expanded share buyback program reflects management's confidence in Deere's long-term growth opportunities.
- 6The actions demonstrate a commitment to creating superior long-term value for investors.
- 7Approximately 375 million shares were outstanding as of October 31, 2013.