Buffett On Board With IBM's Turnaround Plan

Shares of IBM have been rising this year as the century-old computer giant faces up to the new world of cloud computing, Big Data analytics and social networking. The stock is up 7% this year, topping the S&P 500, as it tries to rebound from a two-year slide amid falling sales and weak profit. Big Blue got a lift Monday when billionaire investor Warren Buffett, CEO of Berkshire Hathaway, told CNBC that IBM (NYSE:IBM) was a trusted and innovative organization that can be expected to do well in cloud computing and corporate services.

Buffett said Berkshire Hathaway added to its IBM holdings in the first quarter. One thing that hasn't changed over the years is IBM's dividend, which the company has paid every quarter since 1916. The latest increase was announced April 28, an 18% rise to $1.30 per share that's payable June 10 to shareholders of record May 8. IBM has increased the quarterly payout for 20 straight years.

Source: Investors.com

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