Monsanto announces share repurchase, quarterly dividend

Monsanto Co.'s board of directors approved a new three-year share repurchase program and declared a quarterly dividend.

The Creve Coeur-based biotechnology giant's board authorized the share repurchase program, effective July 1, for up to $1 billion of the company's common stock.

Monsanto's board also declared a quarterly dividend of 30 cents per share on the company's common stock for its fiscal third quarter, payable on July 27.

A week ago, Monsanto raised its fiscal-year 2012 earnings guidance to  between $3.73 and $3.78 per share on an as-reported basis.

"The positive business results we've achieved to date in 2012 are translating earnings into cash, which creates the opportunity to reinvest in our business for growth and also enables us to return value to shareowners," Pierre Courduroux, Monsanto's chief financial officer, said in a statement.

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