MasterCard Raises Quarterly Dividend, OKs $3.75 Billion Share Buybacks

MasterCard Inc. said Tuesday it's raising its quarterly dividend to 16 cents a share from 11 cents. The new dividend will be paid on Feb. 9, 2015, to shareholders of record as of Jan. 9. The company said it's board of directors has approved a share buyback program of up to $3.75 billion. The program will become effective once its current program of $3.50 billion has been completed. That program has about $275 million remaining. Shares were down 0.6% in midday trade, and are up 4.5% in the year so far, while the S&P 500 has gained about 11%.