Colgate-Palmolive to split stock, raise dividend

Consumer product maker Colgate-Palmolive Co said it will raise its dividend by 10 per cent.

The New York company said on Thursday that the 2-for-1 split will occur on April 23, with share distribution on May 15. The total number of shares outstanding will increase to 936 million from 468 million.

The regular quarterly dividend will be raised 6 cents to 68 cents, payable on May 15 to shareholders of record as of April 23.

Shares of Colgate-Palmolive rose nearly 1 per cent to $116.64 in trade on Thursday.