NEW YORK (TheStreet) -- Shares of IBM (IBM) - Get Report were down in early-afternoon trading on Tuesday as the Armonk, NY-based technology company's board approved a $3 billion share repurchase program.
The program is in addition to the approximately $3 billion remaining at the end of September from a previously authorized program.
IBM's board also approved a quarterly cash dividend of $1.40 per share. The dividend is payable on Dec. 10, 2016 to shareholders of record as of Nov. 10, 2016.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates IBM as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its solid stock price performance and notable return on equity. The team feels its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.
You can view the full analysis from the report here: IBM