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Big Blue boosts quarterly dividend

IBM announced on Tuesday that its board of directors voted to raise the company's quarterly dividend about 7 percent to 16 cents a share. Big Blue said the dividend would be payable on June 10 to stockholders of record on May 9.

The prior quarterly dividend was 15 cents per share. The company said it has increased the quarterly dividend eight times since 1996, representing a total increase of 156 percent. The Armonk, N.Y.-based technology giant is holding its annual meeting today in Kansas City, Miss.