Branded foods maker Kellogg (NYSE:K) announced a new $1.5 billion stock buyback program on Monday, superseding an earlier authorization.
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The maker of Kellogg cereal and Pop Tarts will repurchase up to $1.5 billion worth of its shares through Jan. 2, 2016, the end of the company’s 2015 fiscal year.
The authorization "represents the company's commitment to returning cash to share owners,” Kellogg said in a statement.
The breakfast-foods maker also declared a regular cash dividend of 46 cents a share, payable on March 17 to shareholders of record on March 4.
Its shares were up 0.37% to $60.17 in recent trade.