|
IBM hikes dividend
|
 |
April 28, 1998: 12:20 p.m. ET
Big Blue raises cash payout by 10 percent, stock buyback by $3.5B
|
NEW YORK (CNNfn) - IBM Corp. on Tuesday raised its cash dividend by 10 percent and increased the size of its stock repurchase program, giving a lift to the stock price.
At its annual meeting in Chicago, the Armonk, N.Y.-based computer company announced it will raise its cash payout to 22 cents from 20 cents.
The higher dividend is payable on June 10 to shareholders of record as of May 8.
In addition, IBM's board approved the repurchase of $3.5 billion worth of additional stock. Since Jan. 31, 1995, the company has repurchased about $20 billion of its stock.
The shares will be bought back on the open market from time to time. The company currently has more than 970 million outstanding shares.
The stock (IBM) was up 2-11/16 at 118 in morning trading on the New York Stock Exchange.
|
|
|
|
|
 |
|
