PLANO, Texas -- Dr. Pepper Snapple Group Inc. said Friday that its board has approved the repurchase of up to $200 million of its outstanding shares over the next three years.

The beverage maker, whose brands include 7Up, Mott's as well as Dr. Pepper and Snapple, also declared its first dividend on Friday.

Shares of Dr. Pepper Snapple Group gained 44 cents to $27.24 in midday trading. Over the past year, the stock has traded in a range of $11.83 to $30.65.