The operator of restaurant chains, KFC, Pizza Hut, and Taco Bell Yum! Brands (NYSE:YUM) announced today its third-quarter dividend of $0.37 per share, a 10% increase from the $0.335 per share it paid to investors last quarter.
Commenting on the last increase in the quarterly payout, Yum! Brands Chairman and CEO David C. Novak said the higher dividend marked "the ninth consecutive year we have raised our dividend at a double-digit percentage rate. Our quarterly dividend has nearly doubled over the last five years."
He went on to note the restaurant chains "first priority with the operating cash we generate is to invest in high-return global growth opportunities. In addition to investing in future growth, Yum!'s substantial free cash flow generation allows us to return significant cash to our shareholders through a meaningful quarterly dividend and share buybacks."
The board of directors said the quarterly dividend is payable on November 1 to holders of record at the close of business on October 11. The regular dividend payment equates to a $1.48-per-share annual dividend, yielding 2% based on the closing price today of Yum! Brands' stock.