IBM raises dividend by 4.7%
International Business Machines Corp. said Tuesday it will raise its quarterly dividend by 4.7% to $1.57 a share, marking the 23rd-straight year the technology company has boosted its payout. The new dividend, up from $1.50 a share, will be payable June 9 to shareholders of record on May 10. The stock rose 0.4% in morning trade to $146.38. At current prices, the new annual dividend rate would imply a dividend yield of 4.29%, compared with the SPDR Technology Select Sector ETF current dividend yield of 1.35% and the implied yield for the Dow Jones Industrial Average of 2.17%, according to FactSet. IBM's stock has lost 4.5% year to date, while the tech-sector ETF has gained 3.2% and the Dow has slipped 1.1%.