Abbott announces new $3 billion share repurchase program, declares dividend

Abbott’s (NYSE: ABT) board of directors has approved a new share repurchase program and declared a quarterly common dividend.

Abbott’s board has authorized the repurchase of up to $3 billion of the corporation’s common shares. This new authorization is in addition to the $511 million unused portion of the previous program that was announced in June 2013. The purchases may be made from time to time as market conditions warrant and subject to regulatory considerations.

The board also declared a quarterly common dividend of 22 cents per share. This marks the 363^rd consecutive quarterly dividend to be paid by Abbott since 1924. The cash dividend is payable Nov. 15, 2014, to shareholders of record at the close of business on Oct. 15, 2014.

Abbott’s strong cash flow has enabled it to invest in its business and return cash to shareholders through dividends and share repurchases. Abbott has a long history of returning value to shareholders, and over the last 10 years, from 2004 through the first half of 2014, the company has delivered approximately $35 billion in cash to its shareholders through dividends and share repurchases.

Abbott has increased its dividend payout for 42 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for 25 consecutive years.