IBM’s Accumulated $10 Billion Stock Buyback
Tech giant IBM Corp. announced Tuesday that its board authorized a $10 billion worth of stock buybacks, a notable 6% of their existing shares. The recent buyback adds $2.3 billion remaining from their previous authorization issued last April which was $8 billion. More buybacks will be discussed in its next board meeting this April.
The company’s escalated by $1.07 to 140.41 closed at a morning trading. Marked by a stable 65 cent quarterly dividend, it managed to return impressive revenues to its shareholders. Reuters reports,
“IBM’s higher value, higher margin business strategy has enabled the return of $91 billion since 2003 to our shareholders through share repurchases and dividends,” Samuel J. Palmisano, IBM chairman, president and CEO, said in a statement.
IBM had strong revenue earnings in the most recent quarter, and has been on a bit of a shopping spree this year. Earlier this week IBM launched Cognos 10, software designed for mobile metrics, incorporating more services into enterprise cloud and hosting solutions. The industry is heating up in several areas, and we’re seeing a few strategic moves playing out from major players, including IBM, HP, Oracle and Intel.
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