LOUISVILLE Ky. Yum! Brands Inc. increased by $500 million the amount of common stock it can purchase during the next 12 months under its share repurchase program, the company said Thursday. The move follows prior share repurchase authorizations for $500 million announced in September and March of last year. Yum said it still holds about $250 million under the September authorization.
Since the company began its repurchase program in 1999, more than 100 million shares have been repurchased for about $3.8 billion, at an average per-share price of $37.64 through March 14, the company reported. In 2006, Yum reduced its average diluted shares outstanding by 6 percent through share repurchases.
The company, which operates or franchises the KFC, Taco Bell, Pizza Hut, A&W and Long John Silver's brands, has about 263.6 million shares of common stock outstanding.