PayoutYield News

Total return investing focused on yield from both dividends and stock buybacks

Dover Corporation Authorizes $500 Million Share Repurchase Program

Posted by Payout Yield Staff on August 7, 2007

Dover Corporation (NYSE: DOV) announced a $500 million share repurchase program that includes an accelerated share repurchase agreement (“ASR”) with Goldman, Sachs & Co.

Under the ASR, Dover will immediately repurchase 6 million shares of its common stock from Goldman, Sachs & Co. The company expects to conduct the remainder of the share repurchase program over the next 3-6 months through open market transactions. It will fund its share repurchases through cash on hand and existing credit facilities.

The company also announced it increased its quarterly cash dividend to $0.20 (twenty cents) per share from the previous $0.185 (eighteen and one half cents) per share, an increase of 8.1%.

Dover Corporation is a diversified industrial manufacturer with over $7 billion in annualized revenues.

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Praxair Board Authorizes $1-Billion Share Repurchase Program

Posted by Payout Yield Staff on July 27, 2007

Praxair, Inc. (NYSE: PX) will repurchase up to $1 billion of its common stock over the next two years.

The company cited a strong balance sheet and growing free-cash-flow generation from operations.

The purchases will be financed by available cash and debt and replaces  the repurchase program in effect since 1997.

The board of directors also has declared a quarterly dividend of 30 cents per share, unchanged from the previous quarter.

Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2006 sales of $8.3 billion.

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Lennox International Announces New $500 Million Share Repurchase Plan

Posted by Payout Yield Staff on July 27, 2007

Lennox International Inc. (NYSE: LII) announced a share repurchase plan for $500 million to be completed by the end of Q3 2008.
 
The company cite a commitment to improving shareholder returns and flexibility to pursue strategic opportunities to grow the business.

Lennox International is a global leader in the heating, air conditioning, and refrigeration markets.

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State Street Corporation Announces $1 Billion Accelerated Share Repurchase

Posted by Payout Yield Staff on July 20, 2007

State Street Corporation (NYSE: STT) announced a $1 billion accelerated share repurchase of its common stock with an affiliate of Lehman Brothers Inc. The transaction is expected to be completed within the next six months. Based on the closing per share sale price of State Street’s common stock on the New York Stock Exchange on July 19, 2007, $71.39, State Street will have a total of approximately 13.2 million shares of remaining capacity under its existing stock repurchase programs.

State Street Corporation is the world’s leading provider of financial services to institutional investors, including investment servicing, investment management and investment research and trading.

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Rohm and Haas Announces $1 Billion ASR as part of a $2 Billion Share Repurchase Program

Posted by Payout Yield Staff on July 16, 2007

Rohm and Haas Company (NYSE: ROH) announced the repurchase of up to $2 billion of common stock in a two stage action.

The company will complete its existing share repurchase program and execute the ASR in third quarter, reducing the number of shares to 195 million by the end of September 2007. The ASR will be funded by the issuance of new debt.  The remaining $1 billion repurchase will be completed over the period 2008-2010 with cash on hand.

The company cited a commitment to drive shareholder value and confidence in the long-term potential for Rohm and Haas.

The company also declared a regular quarterly dividend of $0.37 per common share.

Rohm and Haas is a global leader in the creation and development of innovative technologies and solutions for the specialty materials industry.

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Posted by Payout Yield Staff on July 14, 2007

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GE Increases 2007 Share Repurchase Program to $14 billion

Posted by Payout Yield Staff on July 13, 2007

GE (NYSE: GE) increased its share repurchase program to $14 billion for 2007 and now expects that $12 billion of the program will be completed between now and year end.

GE is a diversified technology, media and financial services company focused on solving some of the world’s toughest problems.

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Eaton Vance Corp. Authorizes Repurchase of up to 8 million Shares

Posted by Payout Yield Staff on July 12, 2007

Eaton Vance Corp. (NYSE: EV) announced a new share repurchase authorization of up to 8 million shares.  In addition, the company declared a quarterly dividend of $0.12 per share on its common stock.

Eaton Vance Corp. is a Boston-based investment management firm.

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Amgen Board Authorizes $5 Billion Increase in Stock Repurchase Program

Posted by Payout Yield Staff on July 12, 2007

Amgen (NASDAQ:AMGN) raised its share repurchase program by $5 billion. With $1.5 billion remaining under the previous program, the total repurchase authorization is now $6.5 billion.

Amgen discovers, develops and delivers innovative human therapeutics.

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Paychex Raises Dividend by 43% and Announces $1 Billion Stock Repurchase Program

Posted by Payout Yield Staff on July 12, 2007

Paychex, Inc. (NASDAQ:PAYX) raised its dividend by 43%, from $.21 per share to $.30 per share, and announced a stock repurchase of up to $1.0 billion.

The company commented “We don’t believe there’s any better investment than ourselves.”

Paychex, Inc. is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses.

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