Yum Brands Inc, parent of the Taco Bell, Pizza Hut and KFC chains, raised its quarterly dividend by 11 percent to 21 cents a share.

The company also said its board authorized it to buy back shares worth $300 million.

Yum said the increase dividend will be paid on Nov. 6 to shareholders of record as of Oct. 16.

Last week, rival McDonald's Corp raised its quarterly cash dividend by 10 percent to 55 cents per share.

Shares of the Louisville, Kentucky-based Yum Brands were up 3 percent at $33.82 in Wednesday afternoon trade on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Anne Pallivathuckal)