The directors at PepsiCo have agreed a quarterly dividend for the company.

The sum of US$0.30 will be paid on each share of PepsiCo common stock. The amount reflects a 15% per share increase in the annual dividend, raising it to US$1.20 from US$1.04, the company noted yesterday (3 May). PepsiCo boasted that this was the 34th consecutive increase in the annual dividend since 1972.

The dividend will be paid on 30 June to shareholders of record on 9 June.

The board also approved a plan to repurchase up to US$8.5bn of common stock over three years. The newly-authorised plan will commence upon completion of the company's existing US$7bn share repurchase programme, which was authorised in 2004 and is expected to be completed by mid-2006. The company added that it expects to repurchase around US$3bn of common stock this year.

Last week, PepsiCo posted a 12% rise in first quarter net income to US$1.01bn on the back of a 9% rise in revenues to $7.2bn.