International Business Machines Corp. (IBM:$199.98,00$0.83,000.42%) raised its quarterly dividend by 12%, continuing a series of 10-cent dividend boosts the tech giant has approved since 2010, and authorized an additional $5 billion to its buyback program.
IBM (IBM:$199.98,00$0.83,000.42%) raised the dividend to 95 cents a share, from 85 cents a share, with the increase costing the company an additional $111 million a quarter.
IBM (IBM:$199.98,00$0.83,000.42%) said the increase also marked the 18th straight year it has increased its quarterly dividend.
The extra $5 billion in the stock repurchase plan was added to about $6.2 billion remaining at the end of March from a prior authorization. IBM (IBM:$199.98,00$0.83,000.42%) said it expects to request additional share repurchase authorization at its October board meeting.
The buyback plan and dividend increase come on the heels of the company's first-quarter results, which missed market expectations and drove down its share price.
IBM (IBM:$199.98,00$0.83,000.42%) said this month it expects to ramp up job cuts this quarter after sales of some software and mainframe computer fell short of expectations.
Shares were up 0.9% at $200.95. The stock is up 4.9% so far this year.
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