Yum Announces Plan to Buy Back Up to $1 Billion in Shares

Yum! Brands Inc. (YUM), owner of the Taco Bell and KFC dining chains, will buy back as much as $1 billion in additional shares amid rising sales and profit this year.

The restaurant operator joins other consumer companies looking to reward shareholders. Procter & Gamble Co. (PG) and Starbucks Corp. (SBUX) increased stock buyback programs yesterday, while Nike Inc. (NKE) boosted its dividend by 17 percent. Louisville, Kentucky-based Yum has this year repurchased $815 million of common stock at an average price of $66 a share, according to a statement.

Yum rose 1.1 percent to $71.89 at the close in New York. The shares have gained 22 percent this year.

To contact the reporter on this story: Leslie Patton in Chicago at lpatton5@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net