Shares of Microsoft Corp. MSFT, -1.32% fell 0.7% in premarket trading Tuesday, after the software behemoth said it raised its quarterly dividend by 9.7%, to 68 cents a share from 62 cents a share. The new dividend will be payable Dec. 8 to shareholders of record on Nov. 17. Based on Monday’s stock closing price of $244.52, the new annual dividend rate implies a dividend yield of 1.11%, which compares with the yield for the SPDR Technology Select Sector ETF XLK, -1.10% of 0.96% and the implied yield for the S&P 500 SPX, -1.13% of 1.70%. Microsoft’s stock has tumbled 27.3% year to date through Monday, while the Dow Jones Industrial Average DJIA, -1.10% has declined 14.6%.
