Dr Pepper Snapple board approves stock repurchase plan
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Having enjoyed six consecutive quarters of year-over-year earnings growth, Dr Pepper Snapple Group Inc. is plugging more of that money into trying to boost its share price.
The Texas-based beverage giant — which owns the Mott’s apple products plant in Williamson, Wayne County — on Thursday announced that its board had approved spending an additional $1 billion on stock repurchases, bringing the total for such buybacks to $3 billion.
As of the third quarter of this year, the company had bought back $1.5 billion worth of its own shares.
The company announced the move after the market’s close Thursday. The shares closed at $35.79, down 28 cents or less than 1 percent. The stock price hit a historic peak in early July at nearly $43.