Taco Bell, KFC owner Yum lifts dividend 18 pct
LOUISVILLE, Ky. (AP) — Yum Brands, which owns the Taco Bell, Pizza Hut and KFC chains, is raising its dividend 18 percent, the eighth straight year that the fast-food company has raised its payout to shareholders by a double-digit percentage.
The dividend, payable Nov. 2 to shareholders of record on Oct. 12, will rise to 33.5 cents from 28.5 cents.
CEO David Novak says the company's dividend has more than doubled over the past five years.
Companies often spend their cash gained from strong performances on shareholder dividends or stock buybacks. Yum's revenue grew by nearly a third in the five years through 2011. The Louisville, Ky., company has nearly 38,000 restaurants around the world.
Shares fell 8 cents to $67.75 in afternoon trading. The stock is up 15 percent in 2012.