By Maria Armental 

Yum Brands Inc. is setting aside $1 billion for possible share buybacks through May 31, 2016, the company said Thursday.

Based in Louisville, Ky., Yum owns KFC, Pizza Hut and Taco Bell.

In September, the company raised its dividend by 11%, citing substantial cash flow. A 41-cent-per-share dividend will be distributed Feb. 16.

Yum has increased its dividend at a double-digit percentage rate each of the past 10 years.

Shares, slightly up in recent after-hours trading, closed at $75.51 on Thursday.

Write to Maria Armental at maria.armental@wsj.com

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