(Reuters) - PepsiCo Inc <PEP.N> reported a better-than-expected quarterly profit, helped by higher sales at its Frito-Lay snack business, and said it would buy back shares worth up to $12 billion by 2018.
Shares of the company, which has been under pressure from activist investor Nelson Peltz, were up more than 3 percent in premarket trading on Wednesday.
Pepsi also hiked its annual dividend by 7.3 percent to $2.81 per share and said it expects to return about $8.5-$9 billion to shareholders through dividends and buybacks this year.
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