Microsoft Corp. (MSFT) has been raising its quarterly dividend each September for the last six years, but next week the hike could be by as much as 10%.

That’s according to market research firm IHS Markit, which said in a research report this week that the quarterly dividend should go to $0.43 a share from $0.39 a share, increasing the yield to 2.3%. “Since 2010, the company raised the quarterly dividend annually in September with increases ranging from $0.03 to $0.05,” wrote Vik Parmar, an analyst at IHS Markit, in a note. “Given the current number of shares outstanding, the proposed dividend will cost Microsoft about $13 billion per annum.” (See also: Microsoft Declares 39-Cent Cash Dividend.)

Loads of Cash

According to the analyst, Microsoft’s cash balance as of the end of June was $132 billion, with free cash forecast to grow by 3% to $32 billion by the end of the year. IHS Markit is predicting full-year 2019 revenues to increase 8% while capital expenditures are expected to jump to $9.1 billion from $8.1 billion in 2017 as it meets the demand and capacity requirements of its commercial cloud business. The company also has $4.1 billion in debt that IHS said is maturing through 2019. Given the cash flows, Parmar said the Seattle-area software company can afford a 10% increase in the dividend that is in line with historical trends. Recently, shares of Microsoft were up $0.15 a share or 0.21% to $75.36. So far this year, shares have gained 20%. (See also: Microsoft's Reincarnation & The Cloud Revolution.)

For its fourth quarter, the software giant reported adjusted revenue of $24.7 billion that surpassed Wall Street views. Adjusted earnings per share also topped analyst expectations coming in at $0.98 a share. Growth was driven by the company’s services business, with revenue increasing 44% to $9.548 billion compared to a year ago. Revenue in the productivity and business unit jumped 21% to $8.4 billion while its cloud business had 11% increase in revenue to $7.4 billion. Its Azure cloud business saw a 97% increase in revenue. Personal computers were a drag on the company in the fourth quarter coming in down 2%.

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