Comcast Increases Dividend, Announces Two-For-One Stock Split and Expects To Repurchase $5 Billion of Stock in 2017
Comcast Corporation (NASDAQ: CMCSA) announced today that it increased its dividend by 15% to $1.26 per share on an annualized, pre-split basis, or $0.63 per share on an annualized, post-split basis. In accordance with the increase, the Board of Directors declared a quarterly cash dividend of $0.1575 a share, on a post-split basis, on the company’s common stock, payable on April 26, 2017 to shareholders of record as of the close of business on April 5, 2017.
In addition, Comcast announced that its Board of Directors has increased its stock repurchase program authorization to $12.0 billion. Comcast expects to repurchase $5.0 billion of its common stock during 2017, subject to market conditions.
Comcast also announced that its Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend payable on February 17, 2017 to shareholders of record as of the close of business on February 8, 2017. The stock dividend will be an additional one share for every share held and will be payable in shares of Class A common stock (CMCSA) on the existing CMCSA shares and Class B common shares. Comcast expects its CMCSA shares to begin trading ex-dividend on February 21, 2017.
As of December 31, 2016, Comcast had outstanding approximately 2.366 billion shares of CMCSA and 9 million shares of Class B Common Stock. Upon completion of the split, the outstanding shares of CMCSA will increase to approximately 4.742 billion.
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