IBM’s board of directors on Tuesday announced an increase in the regular quarterly cash dividend to $1.66 per common share, which is to be paid on June 10th, to stockholders of record as of May 10th 2023.
“Clients and partners around the world are turning to IBM’s hybrid cloud and AI technologies and services as they look to unlock productivity and automate operations and processes. Our consistent revenue growth, strong recurring revenue stream and solid cash generation enable us to invest in our business as well as return capital to shareholders through our dividend,” Arvind Krishna, IBM’s Chairman and Chief Executive Officer, said in a press release.
2023 is the 28th consecutive year, during which IBM has raised its quarterly cash dividend.
The tech company has paid consecutive quarterly dividends since 1916.
The shares of International Business Machines (IBM) closed 0.39% ($0.49) higher at $125.89 in New York on Tuesday, as it snapped a two-day streak of losses.
The company’s total market cap now stands at $114.196 billion.
The shares of International Business Machines went up 5.41% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The tech giant’s shares have retreated 10.65% so far this year.
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