(By Balachander) International Business Machines Corp. (NYSE: IBM) declared a quarterly cash dividend of 85 cents per share and also announced $5 billion in additional funds for use in its share buyback plan.
The quarterly dividend is payable December 10, 2012 to stockholders of record November 9, 2012.
With the payment of the quarterly dividend, IBM will have paid consecutive quarterly dividends every year since 1916, the technology bellwether noted.
IBM said the authorization of $5 billion for stock repurchase is in addition to roughly $6.7 billion remaining at the end of September 2012.
With the new authorization, IBM will have around $11.7 billion for its share repurchase program.
"Our strategy to deliver high value solutions drives profit, earnings per share and cash growth," said IBM CEO Virginia Rometty. "We have achieved outstanding shareholder returns over the last decade and we are positioned well for the future."
The stock, which has been trading in the 52-week range of $177.06 to $211.79, closed at $193.27 on Friday.