Microsoft said its next quarterly dividend would be 83 cents a share, up from 75 cents. It also announced a $60 billion share repurchase authorization.

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.

Microsoft will raise its quarterly payout by about 11% and begin a new stock-buyback program.

Microsoft Corp (NASDAQ:MSFT) stock is up 2.3% to trade at $441.13 this morning, propping up the Dow, after the blue-chip tech titan announced a new $60 billion share buyback plan. Microsoft also hiked its quarterly dividend by 10.7% to 83 cents per share.

Microsoft has announced a $60 billion stock buyback plan, the largest in its history, and a 10% dividend increase.