Walt Disney Co. (NYSE:DIS) said Wednesday that as a result of its strong fiscal 2011, the company will boost its annual dividend by 50%, to 60 cents a share, up from 40 cents in the previous year.
The increase will cost the media and entertainment behemoth an added $360 million annually.
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"The Walt Disney Company had a great creative, strategic and financial year in fiscal 2011 with record revenue, net income and earnings per share," said Robert A. Iger, president and CEO, of Walt Disney, in a release. "We are pleased to be able to raise our shareholder dividend by 50 percent while continuing to invest for future growth."
The dividend is payable on Jan. 18, 2012, to shareholders of record on Dec. 16, 2011.
The company also announced that its annual shareholders meeting will be held in Kansas City, Mo. on March 13, 2012.
In Wednesday’s trading session the stock rallied $1.85, or 5.4%, to close at $35.85 a share.