Microsoft's stock peeks into record territory after dividend raised, new $60 billion buyback program announced

Microsoft's stock peeks into record territory after dividend raised, new $60 billion buyback program announced

Shares of Microsoft Corp. MSFT, +1.68% rallied 1.2% in morning trading Wednesday, and peeked into record territory earlier in the session, after the software behemoth raised its dividend by 11% and announced a new $60 billion stock repurchase program. The company said late Tuesday that it raised its quarterly dividend to 62 cents a share from 56 cents, with the new dividend payable Dec. 9 to shareholders of record on Nov. 18. Based on current stock prices, the new annual dividend rate implies a dividend yield of 0.82%, compared with the yield for the SPDR Technology Select Sector ETF XLK, +0.88% of 0.69% and the implied yield for the S&P 500 SPX, +0.85% of 1.35%. And the new $60 billion stock repurchase program, which has now expiration date, represents about …
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