Bristol-Myers Squibb Co. (BMY) on Tuesday announced that its board increased by $3 billion its authorization for the repurchase of the Company's common stock. This adds to the current, active $3 billion-repurchase program, announced in May 2010, under which the Company has approximately $340 million remaining.
This brings the total authorized to approximately $6 billion, of which approximately $3.34 billion remains to be used for future repurchases, the company said.
The company said that the stock repurchase program does not have an expiration date and is expected to take place over the next couple years. The program may be suspended or discontinued at any time.
The company also said its board declared a quarterly dividend of $0.34 per share on the $0.10 par value Common Stock of the corporation. The quarterly dividend will be payable on August 1, 2012, to stockholders of record at the close of business on July 6, 2012.
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