SAIC Initiates Dividend and Authorizes Stock Buyback

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Defense contractor Science Applications International Corp., better known as SAIC  (NYSE: SAI  ) , announced today it was initiating a quarterly dividend program of $0.28 per share. The initial cash dividend is payable on October 30 to stockholders of record as of the close of business on October 15.

The board also announced it was authorizing a program under which SAIC may repurchase up to 5 million shares of company stock, though the timing and actual number of shares bought back will depend on a variety of factors, including price, corporate, and regulatory requirements, as well as other market conditions..

Noting the twin moves reflect the company's strong financial position, SAIC CEO Tony Moraco said, "The initiation of a quarterly dividend and share repurchase authorization are consistent with our stated capital allocation policies."

The regular dividend payment equates to a $1.12-per-share annual dividend, yielding 3.3% based on the closing price today of SAIC's stock.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2668153, ~/Articles/ArticleHandler.aspx, 11/26/2015 1:07:04 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Rich Duprey

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.


Today's Market

updated 14 hours ago Sponsored by:
DOW 17,813.39 1.20 0.00%
S&P 500 2,088.87 -0.27 0.00%
NASD 5,116.14 0.00 0.00%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

12/31/1969 7:00 PM
SAI $0.00 Down +0.00 +0.00%
SAIC CAPS Rating: ***