Hasbro adds $500 million to share buyback plan
Hasbro adds $500 million to share buyback plan, declares quarterly dividend
PAWTUCKET, R.I. (AP) -- Toy maker Hasbro Inc. said Thursday that its board of directors authorized the company to buy back an additional $500 million of its common stock.
The Pawtucket, R.I., company, whose brands include Monopoly, Play-Doh and My Little Pony, has $71.8 million remaining under its previous repurchase program. Hasbro has bought back 91.4 million shares for $2.8 billion since resuming its stock repurchases in June 2005.
Hasbro Inc. also declared a quarterly dividend of 40 cents per share. The dividend will be paid on Nov. 15 to shareholders of record on Nov. 1.
In July, Hasbro reported that its second-quarter profit fell, hurt by weak sales of movie-related action figures and its spinning-top game Beyblade. Its adjusted earnings and revenue missed Wall Street's expectations.
The stock gained $1.01 to $47.01 in afternoon trading Thursday.
