Microsoft Increases Dividend By 8%, OKs $40B Buyback

Microsoft Corp. said late Tuesday its board of directors approved a quarterly dividend increase to 39 cents a share, a 8% increase over the previous quarter's dividend. The dividend is payable Dec. 8 to shareholders of record Nov. 17. The board also approved a share buyback program of up to $40 billion. The program has no expiration date, the company said. Microsoft said it is on track to complete its 2016 $40 billion buyback program. Microsoft scheduled its annual shareholder meeting for Nov. 30. Shares of Microsoft rose 1.1% in the late session after ending the regular trading day down 0.2%.