Microsoft announced late Monday that it will buy back up to $60 billion of its stock and hiked its quarterly dividend by more than 10%. MSFT stock rose slightly Tuesday.
The Dow tech giant said its new repurchase program can be cancelled at any time. While $60 billion is a big number, it's less than 1.9% of Microsoft stock's $3.206 trillion valuation.
Microsoft also will increase its quarterly dividend by 8 cents, to 83 cents a share. It's the company's 20th straight year of increasing its dividend.
Microsoft stock rose 0.9% to 435.07 on Tuesday. MSFT stock has risen for seven straight sessions, retaking all its moving averages and topping a 426.79 short-term high.
Microsoft has a 268.35 cup-base buy point. But the software leader is actionable as an IBD Long-Term Leader.
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