IBM’s (IBM) board said Tuesday it okayed a 15% increase to the tech giant’s quarterly cash dividend and authorized an additional $8 billion to purchase back shares, bringing the total authorized by the board to $12.7 billion.
The company increased its quarterly payout by 10 cents to 75 cents a share. The dividend is payable June 10 to shareholders of record on May 10, and it represents the 16th straight year International Business Machines Corp has lifted the payout, and 8th year in a row of double-digit percent increases.
Together with the payment of the June 10th dividend, IBM will have paid sequential quarterly dividends every year since 1916.
Samuel J. Palmisano, IBM chairman, president and CEO said “Since 2003, we have returned over $100 billion to shareholders in the form of dividends and share repurchases, while continuing to invest in capital expenditures, acquisitions and research and development. Our commitment to delivering value to our shareholders remains as important today, as it has ever been.”
Shares of IBM were up $1.09, or 0.60 percent, at $168.75 in recent trading. Ticker reached an all-time high of $169.20 earlier Tuesday.