Mondelez International, Inc. (NASDAQ:MDLZ) Board of Directors approved a new share repurchase program of up to $9 billion in Class A common stock, effective January 1, 2025, and lasting until December 31, 2027.

This new authorization will replace the current $6 billion program, of which approximately $2.8 billion remains and would otherwise expire at the end of 2025.

Dividend: The Board of Directors also declared a quarterly dividend of 47 cents per share of Class A common stock.

The dividend will be payable on January 14, 2025, to shareholders of record as of the close of business on December 31, 2024.

Earlier in July, Mondelez raised its quarterly dividend by 11%, from 42.5 cents to 47 cents per share.

Chairman and CEO Dirk Van de Put said, “Our new $9 billion share repurchase authorization reflects the strength of our business with robust profit dollar and cash flow growth to reinvest in brands and capabilities while also returning significant capital to our shareholders.”

“We continue to make significant progress against our strategy of accelerating growth and focusing our portfolio in the attractive, resilient categories of chocolate, biscuits and baked snacks.”

With 2023 net revenues of approximately $36 billion, Mondelez holds iconic global and local brands such as Oreo, Ritz, LU, Clif Bar and Tate’s Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate. 

Investors can gain exposure to the stock via First Trust Nasdaq Food & Beverage ETF (NASDAQ:FTXG) and iShares U.S. Consumer Staples ETF (NYSE:IYK).

Price Action: MDLZ shares are up 3.77% at $64.08 at the last check Wednesday.

Read Next:

• Google’s Veo Video Generator Arrives On Cloud: How Oreo Maker Mondelez Is Using AI For Creative Content

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This article Snacks Giant Mondelez Unwraps $9 Billion Stock Buyback Plan; Stock Gains originally appeared on Benzinga.com

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