International Business Machines Corp. (IBM) raised its quarterly dividend by 16% on Tuesday as the company looks to give more cash back to stockolders.
A quarterly cash dividend of $1.10 per share, which will coast IBM about $625 million a year, will be paid on June 10 to shareholders of record on May 9, according to a new release issued today.
“Today’s announcement reinforces our commitment to delivering value to shareholders. We will continue to invest aggressively in our strategic growth areas including cloud, big data analytics, social, mobile and security to position the company to drive growth and higher value for our clients,” IBM chairman and CEO Ginni Rometty said in a press release.
IBM, the world’s largest provider of computing services, said that this is the 19th consecutive year that the company has boosted its quarterly dividend.
Shares of IBM closed at $195.11 on Tuesday.