Microsoft's board of directors has declared a quarterly dividend increase, while simultaneously announcing a share repurchase program authorizing share buybacks of up to $40 billion.
In comparison to the previous quarter, the quarterly dividend has risen by 11%, or 5 cents, reaching an amount of $0.51 per share. Shareholders that are on record by November 21 will receive their end on December 12. As such, November 20 is the ex-dividend date, or the date on which the stock begins trading with the next dividend excluded from its value.
The aforementioned share buyback program isn't the first time Microsoft has authorized share repurchases of this amount. Moreover, the program may be ended at any time, since it has no defined expiration date. In the previous fiscal year that ended on June 30, the company bought back ~$19 billion of its shares in comparison. The tech giant's shares currently stand at $138.52, getting a slight bump in the hours following this announcement.
Moving on, Microsoft has set its next annual shareholders meeting for December 4, a few days before this quarter's dividends are paid out. Shareholders may vote their shares at the close of business on the record date i.e. October 8. The meeting will be hosted virtually by CEO Satya Nadella, CFO Amy Hood, President and Chief Legal Officer Brad Smith, and Independent Board Chair John W. Thompson. Aside from shareholders, the company's board of directors will also be in attendance.
Similar to previous such meetings, after getting an update on business from the aforementioned executives, a 30-minute question and answer session with shareholders will take place. Shareholders will be able to view the annual meeting through Microsoft Teams at www.microsoft.com/investor as well. Moreover, following end of the meeting , its full transcript with video and audio will be available on the Microsoft Investor Relations website.