Patterson Companies Inc. said Wednesday its board of directors approved an increase in the dental and veterinarian products supplier's quarterly cash dividend and authorized a new share repurchase plan.
The dividend is being increased to 12 cents per share from 10 cents and is payable April 28 to shareholders at the close of business April 11.
A 25 million share repurchase plan will replace the existing authorization, under which about 4.5 million shares were available for repurchase. With the new plan, shares can be repurchased in open market transactions through March 15, 2016.
The St. Paul, Minn., company intends to buy back about $150 million in common stock over the next 12 months.