IBM boosts quarterly dividend 10 percent, allots $3 billion more for repurchasing stock

IBM boosts quarterly dividend 10 percent

MIAMI BEACH, Fla. — IBM Corp. is raising its quarterly cash dividend 5 cents to 55 cents per share.

The dividend is payable June 10 to shareholders on record of May 8, IBM said Tuesday.

The Armonk, N.Y.-based company also said its board has authorized another $3 billion for repurchasing stock, part of IBM’s long-term strategy for boosting earnings per share. That brings the total available for buying up shares to $6.7 billion.

IBM made the announcement during its annual shareholder meeting in Miami Beach, Fla.

The company’s stock edged up $1.06, or 1 percent, to $101.01 in morning trading.