Microsoft's stock peeks into record territory after dividend raised, new $60 billion buyback program announced

Shares of Microsoft Corp. MSFT, +1.19% rallied 1.2% successful greeting trading Wednesday, and peeked into grounds territory earlier successful the session, aft the bundle behemoth raised its dividend by 11% and announced a caller $60 cardinal banal repurchase program. The institution said precocious Tuesday that it raised its quarterly dividend to 62 cents a stock from 56 cents, with the caller dividend payable Dec. 9 to shareholders of grounds connected Nov. 18. Based connected existent banal prices, the caller yearly dividend complaint implies a dividend output of 0.82%, compared with the output for the SPDR Technology Select Sector ETF XLK, +0.13% of 0.69% and the implied output for the S&P 500 SPX, +0.21% of 1.35%. And the caller $60 cardinal banal repurchase program, which has present expiration date, represents astir 2.6% of Microsoft's marketplace capitalization of $2.28 trillion. Microsoft's banal was up arsenic overmuch arsenic 1.8% astatine an intraday precocious $305.32, which was supra the Aug. 23 grounds adjacent of $304.65. It has tally up 36.4% twelvemonth to date, portion the exertion ETF has precocious 20.6% and the Dow Jones Industrial Average DJIA, +0.18% has gained 13.3%.