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Zimmer Biomet announces quarterly cash dividend payment to stockholders
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Zimmer Biomet Holdings Inc. recently announced that its board of directors has approved the payment of a quarterly cash dividend to stockholders for the first quarter of 2016, as well as authorized a new share repurchase program.
According to a company press release, the new payment represents an increase of 9.1% over the dividend declared for the first quarter of 2015. On or about April 29, 2016, stockholders of record as of the close of business on March 31 will be paid a cash dividend of $0.24 per share. The board of directors will approve future declarations of dividends, which may be adjusted as business needs or market conditions change, according to the release.
The release also notes the new share repurchase program authorizes purchases of up to $1 billion of the company’s common stock, which may be made in the open market or in privately negotiated transactions in compliance with Securities and Exchange Commission regulations. The existing stock repurchase program approved in 2013 will expire on Feb. 29.
“We are pleased to renew our commitment to returning value to our stockholders through an increase in our quarterly dividend and out new share repurchase program,” David Dvorak, president and chief executive officer of Zimmer Biomet, said in a press release. “These decisions are reflective of the company’s disciplined approach to capital allocation, a strategic component of our value creation framework.”
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