Microsoft board hikes dividend 11%, OKs $40 billion in buybacks

Microsoft Corp. shares rose in the extended session Wednesday after the tech giant's board approved a dividend hike and billions in new share repurchases. Microsoft shares rose 1.1% after hours, following a 0.8% gain to close the regular session at $138.52. The company said its board increased the quarterly dividend by 11% to 51 cents a share, which is payable to shareholders as of Nov. 21 on Dec. 12. Microsoft also said its board approved up to $40 billion in share buyback authority, which has no timeline or expiration date. Additionally, the company scheduled its annual shareholder meeting for Dec. 4.

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