International Business Machines Corp. Beefs Up Buybacks, Declares Dividend (IBM)

The New York-based information technology juggernaut, IBM Corp. (IBM), made two announcements on Tuesday that resonated well among shareholders.

First, the company’s board of directors approved an additional $15 billion to be used for stock repurchases. This brings the total amount designated for share buybacks to over $20 billion, seeing as how there were approximately $5.6 billion left at the end of September 2013 from the prior repurchase authorization. According to company officials, IBM expects to request another repurchase authorization at the October board meeting in 2014.

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The second piece of good news on the day was a declared dividend, adding to the company’s flawless quarterly payout record since 1916. IBM announced a regular quarterly cash dividend of $0.95 per share, payable on December 10, 2013 to shareholders on record as of November 8, 2013.

IBM shares rallied on Tuesday, gaining a solid 2.69% as the trading session drew to a close. The stock is down nearly 5% YTD.