IBM Board OKs $15B Stock Buyback

IBM (NYSE: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.

Continue Reading Below

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.