Microsoft announced it would raise its quarterly payout from $0.75 to $0.83, good for a 10.7% increase. The hike will go into effect for the December dividend payout, which will go to holders of the stock as of Nov. 20, with an ex-dividend date of Nov. 21.

Microsoft ($MSFT) is enhancing its shareholder value with a 10% dividend increase and a new $60 billion stock buyback program. These actions

Only three U.S. companies have ever announced buyback programs bigger than Microsoft’s latest — though the new dividend yield is still low relative to those of fellow Dow components.

Microsoft's share repurchase program, which has no expiration date, replaces its previous $60 billion authorization announced four years ago. Meanwhile, investors also cheered the news that shareholders of record as of Nov. 21 will receive a quarterly dividend of 83 cents per share, up from the current 75 cents a share.

Tech giant Microsoft revealed that its board of directors approved a new $60 billion stock-buyback program. The repurchase program has no expiration date and may be terminated at any time, according to the company’s statement.