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JC Penney announces new stock repurchase program and dividend increase

JC Penney (NYSE: JCP) announced a new $400 million stock repurchase program that it expects to complete in fiscal 2007. In addition, the company raised its quarterly dividend to $0.20 effective with the April 10 declaration. ### PAYOUT YIELD ANALYSIS With approximately 232 million shares outstanding, the new repurchase program will yield $1.72 per share. [...]

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