H-P Board Authorizes Another $10B Buyback

Hewlett-Packard (NYSE:HPQ) said late Thursday that its board has authorized an additional $10 billion share buyback program.

The latest is in addition to the computer giants $10 billion authorized for the same reason last August, of which $5.9 billion was remaining as of April 30.

In a regulatory filing with the Securities and Exchange Commission, H-P said it intends to use the additional authorization to repurchase its shares from time to time to offset the dilution created by shares issued under employee stock plans and to repurchase shares opportunistically.

Also on Thursday, the company declared a regular cash dividend of 12 cents a share, payable on Oct. 5 to shareholders of record as of Sept. 14.

The Palo Alto, Calif.-based PC manufacturer has about 2.1 billion shares of common stock outstanding.