Dr. Pepper Snapple Group Inc. (NYSE: DPS) said Friday that its board has approved the repurchase of up to $200 million of its outstanding shares over the next three years, according to Associated Press.
The beverage maker, whose brands include 7Up, Mott's as well as Dr. Pepper and Snapple, also declared a regular quarterly dividend of 15 cents on Friday, a first for the beverage maker.
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The company will pay the dividend on Jan. 8, 2010, to shareholders of record Dec. 21.
Earlier this month, the beverage company reported its third-quarter profit rose 42.5 percent on lower costs.
Shares of Dr. Pepper Snapple Group gained 51 cents to $27.30 at Friday’s close. Over the past year, the stock has traded in a range of $11.83 to $30.65.
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