Colgate-Palmolive to split stock, raise dividend
The maker of Colgate toothpaste and Palmolive dish soap also will raise its dividend 10 per cent. Companies split stock to reduce the value of their shares if they think they are too high.
The New York company said Thursday the 2-for-1 split will occur on April 23, with share distribution on May 15. The total number of shares outstanding will increase to 936 million from 468 million.
The regular quarterly dividend will be raised 6 cents to 68 cents, payable on May 15 to shareholders of record as of April 23.
Shares of Colgate-Palmolive rose nearly 2 per cent to USD 117.45 in premarket trading.
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