Yum! Brands Inc.'s board of directors has authorized the company to repurchase up to $750 million in additional shares of common stock and declared a dividend of $0.37 per share of common stock.

The quarterly dividend will be distributed Feb.7, 2014, to shareholders of record at the close of business on Jan. 17, 2014.

Since initiating a dividend in 2004, Yum! has increased its dividend at a double-digit percentage rate each of the past nine years.

The $750 million in additional share repurchases of the company's outstanding common stock is authorized through May 31, 2015. Repurchases of common stock may be made from time to time in the open market or through privately negotiated transactions and will be subject to market conditions and other factors.

Year-to-date, Yum! has repurchased $708 million of shares of common stock at an average price of $68. The company will use the operating cash to invest in global growth opportunities, according to a news release.

It will also return cash to shareholders. Throughout the past five fiscal years, Yum! has returned $5.8B of cash through share repurchases and dividends.

Read more about operations management.

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