On September 25th, 2020, Lockheed Martin (LMT) authorized a fourth quarter 2020 dividend of $2.60 per share, an 8.3% increase over the previous dividend. Moreover, the company expanded its share buyback program by $1.3 billion, raising the total authorized to $3 billion.

This represents an increased commitment to distribute cash back to Lockheed Martin shareholders in multiple ways. As of Friday's close, this brings Lockheed Martin's forward dividend yield to 2.69%. The share buyback program now represents just under 3% of LMT's market cap.

These developments extend the tradition of dividend growth, with LMT's 5 and 10 year dividend CAGR at 10.39% and 14.42% respectively. Over the past 15 years, LMT's number of shares outstanding has declined by just under 200 million.

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