IBM (NYSE:IBM) on Tuesday boosted its quarterly dividend by 15%.
The tech giant’s board of directors approved a 10-cent hike, raising the dividend to 75 cents per share from 65 cents, according to a statement released by the company.
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The increase will be payable June 10 to stockholders of record on May 10.
When shareholders receive their dividend on June 10th, Armonk-N.Y.,-based IBM will have paid consecutive quarterly dividends every year since 1916, the company said.
Many companies cut or temporarily eliminated their dividend altogether during the recent financial crisis.
Also Tuesday, IBM’s board authorized $8 billion in additional funds for the company’s stock repurchase program.
“Since 2003, we have returned over $100 billion to shareholders in the form of dividends and share repurchases, while continuing to invest in capital expenditures, acquisitions and research and development. Our commitment to delivering value to our shareholders remains as important today, as it has ever been,” Samuel J. Palmisano, IBM’s chairman and CEO, said in the statement.