Microsoft raises dividend and introduces $ 60 billion share buyback program

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In expanding its share return program to shareholders, Microsoft said Tuesday afternoon that its board voted both to increase the quarterly dividend and to adopt a new share repurchase program.

Microsoft

(Ticker: MSFT) raised the quarterly dividend rate by 11 percent from 56 cents to 62 cents. It was the 12th consecutive year that the company increased its quarterly payment after the September board meeting. The new rate gives the company a return of 0.8%. The rise follows increases of 10% last year and 11% in 2019.

The company also announced a new $ 60 billion share repurchase program, with no specific expiration date.

Microsoft also said its board has appointed President Brad Smith for the additional role of vice president. “This reflects the unique leadership role that Brad plays for the company, our board of directors and I, with governments and other external stakeholders around the world,” said Satya Nadella, CEO and President of Microsoft.

Microsoft in late trading rose 0.9% to $ 302.51.

Write to Eric J. Savitz at [email protected]