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Microsoft hikes dividend and unveils $60 billion stock buyback program

Dow Jones Newswires ·  Sep 14, 2021 19:56

By Eric J. Savitz

Expanding its program for returning capital to shareholders,$Microsoft(MSFT.US)$ late Tuesday said its board voted to both boost its quarterly dividend and adopt a new share repurchase program.

Microsoft raised its quarterly dividend rate by 11%, to 62 cents from 56 cents. It was the 12th straight year that the company has boosted its quarterly payout following its September board meeting. The new rate gives the company a yield of 0.8%. The hike follows increases of 10% last year and 11% in 2019.

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

Microsoft also said its board has appointed President Brad Smith to the added role of vice-chair.

This reflects the unique leadership role that Brad plays for the company, our board of directors and me, with governments and other external stakeholders around the world." 

-Microsoft CEO and Chairman Satya Nadella said in a statement.

Microsoft in late trading is up 0.9%, to $302.51.

(END) Dow Jones Newswires

September 14, 2021 19:27 ET (23:27 GMT)

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