Apple To Buy Back $10B In Shares; Pay Dividend Of $2.65 Per Share
The Associated Press just moved this alert:
"Apple says it will use its cash to start paying dividend of $2.65, buy back $10B in shares."
Indeed, at Apple's website the company says it "plans to initiate a quarterly dividend of $2.65 per share sometime in the fourth quarter of its fiscal 2012, which begins on July 1, 2012. Additionally, the Company's Board of Directors has authorized a $10 billion share repurchase program commencing in the Company's fiscal 2013, which begins on September 30, 2012."
Apple adds that "the repurchase program is expected to be executed over three years, with the primary objective of neutralizing the impact of dilution from future employee equity grants and employee stock purchase programs."
The news follows stories earlier today about an announcement from Apple, due within the next hour, concerning its plans for the $97.6 billion in cash and securities it has on hand.
There's a conference call about Apple's plans set for 9 a.m. ET. It's due to be webcast here.
We'll add to this post later today.