AbbVie authorizes share repurchase program
BY FRANCINE KNOWLES email@example.com February 15, 2013 1:20PM
Updated: March 17, 2013 6:42PM
NORTH CHICAGO — The board of directors of AbbVie authorized a share repurchase program of up to $1.5 billion of the company’s outstanding stock and declared a quarterly cash dividend of 40 cents per share, the company said Friday.
The repurchase authorization, effective immediately, is expected to be completed over a multi-year period at management’s discretion, the company said.
AbbVie said its cash dividend is payable May 15 to stockholders of record at the close of business April 15.
AbbVie was named to the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years, the company said. AbbVie was included as a result of the Index’s change in its treatment of spin-off companies.
AbbVie was spun off as a separate company from Abbott Laboratories the first of this year.