Comcast Raises Dividend by 6.9%, Sets $15 Billion Buyback

By Colin Kellaher

Comcast's board has raised the cable giant's quarterly dividend by 6.9%, to 31 cents from 29 cents, and approved a new $15 billion share-repurchase program.

The new payout, equal to $1.24 a year, represents an annual yield of about 2.83% based on Wednesday's closing price of $43.80, up from 2.65%.

Comcast said the increased dividend is payable April 24 to shareholders of record April 3.

Comcast said the new buyback program has no expiration date.

The Philadelphia company paid dividends totaling $1.2 billion and bought back 81.9 million shares for $3.5 billion during 2023, resulting in a total return of capital to shareholders of $4.7 billion, and currently sports a market capitalization of nearly $177 billion.

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(END) Dow Jones Newswires

01-25-24 0715ET