AMAT Stock: Cash Dividend Increased And New $10B Share Repurchase Authorization
Applied Materials, Inc. $Applied Materials(AMAT.US$ announced that its Board of Directors has approved a 23.1-percent increase in the quarterly cash dividend from $0.26 to $0.32 per share. The dividend is payable on June 15, 2023, to shareholders of record as of May 25, 2023.
The Board also approved a new share repurchase authorization enabling Applied to buy back an additional $10 billion of its shares over time. This supplements the previous authorization which had $4.7 billion remaining at the end of the first quarter of fiscal 2023.
Applied Materials has a long history of returning free cash flow to shareholders. And the company initiated its dividend program in 2005, and over the past 10 years, Applied has increased the quarterly dividend paid per share at an 11-percent compound annual growth rate and reduced the number of shares outstanding by nearly 30%.
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