IBM raises dividend 12 pct, authorizes $5B buyback

IBM says its board has raised its regular quarterly dividend by 12 percent to 95 cents and approved a plan to repurchase up to $5 billion of its stock.

IBM Corp. said Tuesday that the dividend is payable on June 10 to shareholders of record as of May 10. The Armonk, N.Y.-based technology company says this is the 18th year in a row that it has raised its quarterly dividend.

IBM says the stock buyback authorization is in addition to $6.2 billion that's still left from a previous one.