BATTLE CREEK, Mich. (AP) — Kellogg Co. said Monday that its board of directors approved a plan to buy back up to $1.5 billion of its own stock. It also declared a quarterly dividend of 46 cents per share.
The cereal maker said the new buyback replaces its previous share repurchase plan. It was authorized to buy back up to $1.5 billion shares by Jan. 2, 2016. Buying back stock can help boost the company's share price and earnings per share.
The company said its quarterly dividend will be paid on March 17 to shareholders of record as of March 4. It paid the same amount to shareholders in the previous quarter.
Kellogg, which is based in Battle Creek, Mich., makes Frosted Flakes cereal, Pop Tarts and Eggo waffles.
Its shares rose 52 cents to $60.47 in morning trading Monday. Its shares have slipped 1.8 percent through Friday so far this year.