Games giant Hasbro (HAS 11.85%) has received authorization from its Board of Directors to repurchase an additional $500 million of its common stock, it announced today.
The company restarted its buyback program in June 2005 and says it has repurchased $2.8 billion worth of shares, or 91.4 million shares at an average price of $30.30 per share since then. Shares are trading at $46.93 as of this writing. As of July 31, $71.8 million remained available from Hasbro's most recent share price authorization, in May 2011.
Additionally, Hasbro will be keeping a steady quarterly dividend of $0.40 per share of common stock. The company has paid this amount the past two quarters after raising the payout 11% from $0.36 a share. The company's current dividend annualizes to $1.60 per share, and as of its $46 closing price on July 31, Hasbro's dividend yields 3.5%. The dividend will be payable on Nov. 15 to shareholders of record as of Nov. 1.
