Intel Corporation (INTC) today announced that its board of directors has authorized the company to raise its dividend by 15% and buy back another $10 billion in stock, increasing the chipmaker’s overall outstanding buyback authorization to $14.2 billion. Intel declared a quarterly dividend of 18.12 cents per share (72.48 cents p/sh on an annual basis) which will be payable on March 1, 2011 to stockholders of record on Feb. 7, 2011.
“Today’s announcement signals confidence in our fundamental business strategies both today and looking forward,” Paul Otellini, Intel president and chief executive, said in a statement.
Intel began paying a cash dividend in 1992 and has paid out approximately $21 billion to its shareholders in dividends.
Shares of Intel were up 18 cents at $21.00 in early trade.