Benzinga | Dec 8, 2021 09:21AM EST

Zoetis Raises FY22 Dividend By 30%, Announces New Buyback Program Of $3.5B

* The board of directors of Zoetis Inc (NYSE:ZTS) has approved a $3.5 billion share repurchase program.

* The company added that the new share buyback, spanning across a multi-year period, could be canceled at any time.

* Zoetis' previous share repurchase program, valued at $2.0 billion, ends in 2022.

* The animal health company has also declared a $0.325 dividend per share for Q1 2022.

* The newly announced dividend, to be paid on March 01, 2022, with a record date of January 20, 2022, implies an increase of approximately 30% from the quarterly dividend rate paid in 2021, Zoetis notes.

* Price Action: ZTS shares closed at $225.7 on Tuesday.