IBM Board OKs $15B Stock Buyback

By Investing Basics FOXBusiness

REUTERS

(REUTERS)

IBM (IBM) boosted its buyback by $15 billion on Tuesday and said it will seek authorization to raise it again at its October 2014 board meeting.

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The additional funds bring its total repurchase program to $20.6 billion, having had $5.6 billion remaining at the end of September.

"We are committed to a higher value strategy fueled by innovation and shifting to new growth opportunities," Big Blue’s CEO, Ginni Rometty, said in a statement. “As a result we consistently deliver value to our shareholders through dividends and share repurchases.”

The blue chip has returned more than $159 billion to shareholders since 2000.

Meanwhile, IBM declared a regular quarterly cash dividend of 95 cents a share, matching the previous quarter. It is payable Dec. 10 to shareholders of record on Nov. 8. 

Shares of IBM were up close to 2% to $180.67 in recent trade.

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