At IBM's annual shareholder meeting, the board of directors upped the quarterly dividend to 50 cents per share. For the past four quarters it had been 40 cents per share.
The move comes two weeks after the Armonk, N.Y.-based company reported a 26 percent jump in profit and raised its earnings forecast for the year. The company also plans to spend $12 billion buying back its shares in 2008.
IBM shares rose 69 cents to $122.38 in midday trading.
About a dozen IBM retirees and union members picketed outside the shareholder meeting to point out IBM's offshoring practices and its recent cuts in base pay for some U.S. technical employees.
Inside, shareholders passed one proposal the company had opposed. The measure, which got 57 percent support, would let investors call special meetings in between these annual gatherings. Advocates said the rule would help shareholders hold management more accountable.
© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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