GO
Loading...

Enter multiple symbols separated by commas

Lowe's Approves $3 Billion Stock Buyback, Boosts Dividend

Lowe's said Friday its board approved a $3 billion increase to the home improvement retailer's stock buyback program through fiscal 2009 and increased its dividend.

Including Friday's increase, Lowe's has about $3.8 billion remaining under the repurchase authorization.

Since 2004, the Charlotte, N.C., company has repurchased $4.2 billion in stock. It has about 1.5 billion shares outstanding as of May 4.

Lowe's also increased its quarterly cash dividend 60% to 8 cents a share from 5 cents, payable Aug. 3 to shareholders of record July 20.

Lowe's shares rose 19 cents to $32.25 in morning trading.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Amgen's Q2 beat

    Amgen is reporting EPS beat of $2.57 adjusted on revenue beat of $5.37 billion, with CNBC's Meg Tirrell.

  • Gartman: 2015 rate hike unlikely

    CNBC's Steve Liesman and Dennis Gartman of the Gartman Letter discuss current economic conditions and whether the Fed may still raise rates this year.

  • What's going on with oil?

    Peter Costa of Empire Executions tracks oil and the market's action into the close.