IBM raises dividend by a penny, lifting yield to more than triple that of the S&P 500

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Shares of International Business Machines Corp. IBM, -0.24% were little changed in premarket trading Tuesday, after the information technology company said it is raising its quarterly cash dividend by a penny, to $1.65 a share from $1.64 a share. The new dividend will be payable June 10 to shareholders of record on May 10. Based on Monday’s stock closing price of $139.10, the new annual dividend rate implies a dividend yield of 4.74%, which is about six times the yield for the SPDR Technology Select Sector ETF XLK, -1.28% of 0.78% and more than three times the implied yield for the S&P 500 SPX, -0.70% of 1.48%. IBM’s stock has gained 4.1% year to date, while the Dow Jones Industrial Average DJIA, -0.77% has lost 6.3%.

This article was originally published by Marketwatch.com. Read the original article here.

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