Microsoft Boosts Its Quarterly Dividend by 11 Percent
Microsoft boosted its dividend by 11 percent. The new dividend of ten cents a share will be paid to shareholders as of November 16. The previous dividend was nine cents.
The company, which first declared a dividend in January 2003, in July announced a plan to buy back as much as USD 40 billion in stock. Shares of the company rose five cents to USD 25.98.
As those purchases wound down, investors including Joseph Rosenberg, chief investment strategist at New York-based Loews, in May urged Microsoft to spend as much as USD 60 billion to buy back more. David Einhorn, president of Greenlight Capital, called for USD 75 billion. "This is another step in a number of steps Microsoft is taking to deliver significant value back to shareholders,'' said Luisa Vacca, a Microsoft spokeswoman. The dividend increase will cost USD 98.2 million a quarter to the company.
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