Caterpillar Increases Buyback to $21.8 Billion, Raises Dividend to $1.41

Jun 12, 2024, 03:15 PM

Caterpillar Inc. has announced a significant enhancement to its shareholder returns by authorizing an additional $20 billion for its share repurchase program and raising its quarterly dividend by 8% to $1.41. This move, which was approved by the company's Board of Directors, brings the total buyback program to $21.8 billion. The decision follows strong performance from Caterpillar's division known for its iconic yellow heavy-duty machinery. The company has a market cap of $888 million, an enterprise value of $633 million, 674.1 million shares outstanding, and 731.6 million fully diluted shares. The announcement has positively impacted Caterpillar's stock, which saw a 2% increase in morning trading.