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 shares rose for the the seventh consecutive session on Tuesday, with the latest gains coming after the tech giant hiked its quarterly dividend by 10% and approved a $60 billion stock buyback.

Microsoft Corporation is a top tech stock with solid financials, innovative products, and potential for growth, but also comes with risks. Read more about MSFT stock here.