Microsoft increases dividend 11%, will fund more stock repurchases

Microsoft Corp. will now pay a dividend of 62 cents a share.

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Microsoft Corp. on Tuesday said its board raised its quarterly dividend and approved a new stock buyback program.

Microsoft’s MSFT, -1.75% new dividend is 62 cents a share, an 11% increase from the previous quarter’s dividend. The dividend is payable on Dec. 9 to shareholders of record as of Nov. 18. The ex-dividend date will be Nov. 17, the company said.

The company’s board also greenlit a new stock buyback plan of up to $60 billion.

Microsoft plans to hold its annual shareholder meeting on Nov. 30.

Write to Kimberly Chin at [email protected].