Sysco (NYSE:SYY) has decided a double-barreled approach is the right one to boost the value of its stock. The company has declared its latest quarterly dividend, which is to be $0.28 per share paid on Oct. 25 to shareholders of record as of Oct. 4. That amount matches the company's three previous distributions, the most recent of which was paid at the end of July. Before that, Sysco paid a penny less, or $0.27 per share. 

The just-declared dividend annualizes to $1.12 per share. That yields 3.5% at Sysco's current stock price of $32.24.

The company's board also authorized a 20 million share-strong repurchase program. Sysco said that the initiative is "intended to help the company achieve its goal of keeping the number of diluted shares outstanding relatively constant." It is the company's 18th share buyback program since its fiscal 1992.

At the moment, Sysco has just over 586 million shares outstanding.

Fool contributor Eric Volkman has no position in Sysco. The Motley Fool recommends Sysco. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.