PepsiCo Inc. (PEP) announced Monday morning that its Board of Directors approved a 7% increase in the annual dividend, from the current annual rate of $1.80 to $1.92 per share. The Board also authorized the repurchase of up to $15 billion of PepsiCo common stock, through June 2013.
PepsiCo Inc. gapped up Monday and climbed in early trade, before settling into a range. The stock finished up by $1.05 at $66.15. PepsiCo has been gaining ground for over a month and closed at its fourth consecutive new high for the year.
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