Abbott Announces New $3 Billion Share Repurchase Program, Declares Dividend
ABBOTT PARK, Ill., June 14, 2013 /PRNewswire/ -- Abbott's (NYSE: ABT) board of directors has approved a new share repurchase program and declared a quarterly common dividend.
Abbott's board has authorized the repurchase of up to $3 billion of the corporation's common stock. The program replaces the previous $5 billion program that was announced in October 2008 and was recently completed. The purchases may be made from time to time as market conditions warrant and subject to regulatory considerations.
The board also declared a quarterly common dividend of 14 cents per share. This marks the 358th consecutive quarterly dividend to be paid by Abbott since 1924. The cash dividend is payable August 15, 2013, to shareholders of record at the close of business on July 15, 2013.
Abbott's strong cash flow has enabled it to invest in its business and return cash to shareholders through dividends and share repurchases. Abbott has a long history of returning value to shareholders, and since 2002, the company has delivered $31 billion in cash to its shareholders through dividends and share buybacks.
Abbott has increased its dividend payout for 41 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for 25 consecutive years.
Abbott is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 70,000 people.
Visit Abbott at www.abbott.com and connect with us on Twitter at @AbbottNews.
– Private Securities Litigation Reform Act of 1995 –
A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors," to our Annual Report on Securities and Exchange Commission Form 10-K/A for the year ended Dec. 31, 2012, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.