DJ Procter & Gamble Amps Up Shareholder Cash Returns -- Market Talk
0708 ET - After posting 2Q sales and earnings that handily beat Wall Street's estimates, Procter & Gamble boosts its planned FY21 stock buybacks to up to $10B from a prior range of $7B-$9B. P&G bought back $3B of stock during the 2Q. Coupled with the $8B in dividends the consumer-products giant expects to pay, P&G says it now plans to return around $18B of cash to holders during FY21. The company returned $15.2B to investors in FY20 through $7.8B in dividends and $7.4B in buybacks. P&G, which has roughly 2.48B shares outstanding, sports a market capitalization of about $334B based on Tuesday's closing price of $133.60. P&G up 2.2% premarket. (colin.kellaher@wsj.com)
(END) Dow Jones Newswires
January 20, 2021 07:09 ET (12:09 GMT)
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