IBM plans to buy back $8 billion more of its shares and boost its dividend 15 percent, bullish moves by the tech giant.

The dividend will increase 10 cents a share to 75 cents, and marks the 16th straight year IBM is raising the payout. That move and the stock repurchase plan signal to Wall Street that IBM is confident its long-term prospects allow it to return more of its cash to investors.

New York-based IBM employs about 10,000 people at its Research Triangle Park campus, and its stock is owned by many employees and retirees in this region. It's also one of the world's most widely held stocks.

IBM's board approved using as much as $10 billion to buy back the technology company's stock.

The move increases the amount authorized for stock buybacks to $12.3 billion. Since Sam Palmisano became CEO in 2002, the company has spent more than $68 billion buying its own shares, Bloomberg News reports. Buying back shares reduces the total number outstanding and is one way to return cash to stockholders.

New York-based IBM employs about 10,000 people at its Research Triangle Park campus, and its stock is owned by many employees and retirees in this region. It's also one of the most widely held stocks in the world.

IBM shares rose 65 cents to $140. 49 this morning. The stock is up 17 percent in the past year.