Microsoft (MSFT) Approves up to $40B Stock Buyback; Boosts Dividend 8.3% to 39c/Share

September 20, 2016 4:24 PM EDT

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Microsoft (Nasdaq: MSFT) announced that its board of directors declared a quarterly dividend of $0.39 per share, reflecting a 3 cent or 8 percent increase over the previous quarter's dividend. The dividend is payable December 8, 2016 to shareholders of record on November 17, 2016. The ex-dividend date will be November 15, 2016.

The board of directors also approved a new share repurchase program authorizing up to $40 billion in share repurchases. The new share repurchase program, which has no expiration date, may be terminated at any time. The company reaffirmed that it is on track to complete its current $40 billion stock repurchase program by December 31, 2016.

In addition, the company announced the date for the 2016 Annual Shareholders Meeting, to be held on November 30, 2016. Shareholders at the close of business on September 30, 2016, the record date, will be entitled to vote at the Annual Shareholders Meeting.

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