Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the New York Stock Exchange under the ticker symbol “LW.” At July 18, 2022, there were 11,015 holders of record of our common stock. The majority of holders of Lamb Weston common stock are “street name” or beneficial holders, whose shares of record are held by banks, brokers, and other financial institutions.
Dividends
Our Board of Directors intends to continue to consider declaring and paying dividends on Lamb Weston common stock based on our financial condition and results of operations, as well as applicable covenants under our debt agreements. Our Board of Directors has no obligation under Delaware law or our amended and restated certificate of incorporation to declare or pay dividends, and dividends on Lamb Weston common stock are limited to legally available funds.
Purchases of Equity Securities by the Issuer
The following table presents information related to total shares purchased during the periods presented below:
Approximate Dollar
Total Number of
Value of Maximum
Total Number
Average
Shares (or Units)
Number of Shares that
of Shares (or
Price Paid
Purchased as Part of
May Yet be Purchased
Units)
Per Share
Publicly Announced
Under Plans or Programs
Period
Purchased (a)
(or Unit)
Plans or Programs (b)
(in millions) (b)
February 28, 2022 through March 27, 2022
1,114
$
63.68
—
$
293.6
March 28, 2022 through April 24, 2022
72,675
$
67.70
72,365
$
288.7
April 25, 2022 through May 29, 2022
306,928
$
64.25
306,928
$
268.9
Total
380,717
(a) Represents repurchased shares of our common stock under our publicly announced share repurchase program, which were repurchased at a weighted average price of $64.91, and shares withheld from employees to cover income and payroll taxes on equity awards that vested during the period.
(b) On December 20, 2018, we announced that our Board of Directors had authorized a $250.0 million share repurchase program with no expiration date. On December 17, 2021, we announced that our Board of Directors had authorized the repurchase of an additional $250.0 million of our common stock under this program. Repurchases may be made at our discretion from time to time on the open market, subject to applicable laws, including pursuant to a repurchase plan administered in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, or through privately negotiated transactions.
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Performance Graph
The following graph and table compare the cumulative total return on our common stock with the cumulative total return of the Standard & Poor’s (“S&P”) 500 Index, the S&P 400 Packaged Food Index, which we consider to be our peer group, and the S&P 500 Packaged Food Index. This graph and table cover the period from May 26, 2017 through May 27, 2022 (the last trading day of our fiscal year). The graph and table assume that $100 was invested in our common stock, the S&P 500 Index, the S&P 400 Packaged Food Index, and the S&P 500 Packaged Food Index on May 26, 2017, and that all dividends were reinvested . The cumulative total return shown below are based on the last trading day in Lamb Weston’s fiscal year.
May 26,
May 25,
May 24,
May 29,
May 28,
May 27,
2017
2018
2019
2020
2021
2022
Lamb Weston
$
100
$
145
$
140
$
137
$
190
$
159
S&P 500 Index
$
100
$
115
$
122
$
134
$
188
$
188
S&P 400 Packaged Foods Index
$
100
$
99
$
124
$
118
$
138
$
133
S&P 500 Packaged Foods Index
$
100
$
84
$
94
$
101
$
120
$
125
The above performance graph and other information furnished under this Part II, Item 5 of this Form 10-K shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the provisions of Section 18, of the Securities Exchange Act of 1934, as amended.
ITEM 6. RESERVED
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