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Microsoft announced that its board of directors declared a quarterly dividend of $0.62 per share, up 11% from the previous quarter’s dividend.
Microsoft Corporation (NASDAQ: MSFT) stock gained over 1% during the September 15th pre-market trading session to trade around $303.55. The world’s leading software maker announced a program to buy back its shares from the secondary market. In addition to the buy-back program, the company has appointed President and Chief Legal Officer Brad Smith as vice-chair for the company. “This reflects the unique leadership role that Brad plays for the company, our board of directors, and me, with governments and other external stakeholders around the world,” said Satya Nadella, chairman and chief executive officer of Microsoft, speaking about their buyback plans.
Microsoft stock has recorded a 52 week high of $305.84 and a low of $196.25 according to market updates provided by Microsoft.com. Additionally, the company is noted to have a market cap of approximately $2252.89 billion. The average volume recorded for the MSFT stock market has been $0.16 million
In a press release to investors on Tuesday, Microsoft announced that its board of directors declared a quarterly dividend of $0.62 per share, up 11% from the previous quarter’s dividend. Notably, the company clarified that the dividend is payable as of December 9, 2021, to all shareholders who had been recorded as of November 18, 2021. As for the ex-dividend date, the company has set out November 17, 2021, as the desired date.
Another announcement that caught shareholders’ and investors’ attention is the news that the board of directors approved a share repurchase program authorizing up to $60 billion. Notably, the share repurchase program has no expiration date, but the company gave a disclaimer that the program may be terminated at any time.
Microsoft Stock amid Company’s Buyback Plans
Microsoft shareholders were also updated on this year’s annual shareholders’ meeting. Set on November 30, shareholders as of that time will be entitled to vote per share. “This year’s annual shareholders meeting will be held virtually and hosted by Satya Nadella, chairman and chief executive officer; Amy Hood, chief financial officer; Brad Smith, president and vice chair; and John W. Thompson, Microsoft lead independent director,” the press release reads.
Microsoft stock has gained approximately 46.20% in the past year are has now jumped approximately 34.79% year to date according to market analytics provided by MarketWatch. Up approximately 16.48% in the past three months, MSFT stock has managed to convince Wall Street analysts of future growth prospects. A study conducted by MarketWatch indicates 38 ratings have given MSFT stock an average rating of Buy rating.