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YUM! Brands board approves up to $2B share buyback

YUM! Brands Inc. said its board has authorized repurchases of up to $2 billion in shares of its common stock through the end of 2019.

The U.S. fast food company said the new buyback program is in addition to the estimated $329 million remaining under previous share repurchase authorizations as of the end of the second quarter.

The company's board also declared a quarterly dividend of 36 cents per share, which will be distributed Sept. 7 to shareholders of record at the close of business on Aug. 20.

YUM! Brands, which operates the Taco Bell, KFC and Pizza Hut brands, reported on Aug. 2 adjusted EPS of 82 cents for the second quarter, beating market expectations. However, the company's same-store sales growth of 1% in the quarter missed analysts' estimates.