International Business Machines Corp. IBM, +0.29% said Tuesday it will raise its quarterly dividend by a penny, to $1.64 a share from $1.63. The new dividend will be payable June 10 to shareholders of record on May 10. Based on Monday’s stock closing price of $141.57, the new annual dividend rate implies a dividend yield of 4.63%, which compares with the yield for the SPDR Technology Select Sector ETF XLK, -0.38% of 0.77% and the implied yield for the S&P 500 SPX, -0.09% of 1.39%, according to FactSet. IBM said 2021 will be the 26th straight year it has raised its dividend. “Client adoption of our hybrid cloud and AI technologies, strong cash generation and disciplined financial management all enable us to invest in the business while continuing to return capital to our shareholders,” said Chief Executive Arvind Krishna. The stock, which was little changed in premarket trading, has gained 12.5% year to date, while the Dow Jones Industrial Average DJIA, -0.05% has advanced 11.0%.
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