Hewlett-Packard (HPQ) Boosting Dividend, First Time in Decade

For the first time in over a decade, Hewlett-Packard Co. (NYSE:HPQ) announced it'll be raising its dividend. The company also said it plans on rolling out a "cloud computing" services soon for the general public.

New CEO Leo Apotheker, for the first time since taking over for Mark Hurd, presented his strategy and outlook to industry analysts and reporters.

Other than presenting what he termed the "public cloud," there were few other specific details during his presentation, as far as something not communicated before.

As for the dividend boost, chief financial officer, Cathie Lesjak, said it'll increase to 12 cents a share, up from the current 8 cents a share in place since 1998. Lesjak said the official declaration of the dividend should come in May from the board of directors.

She added the company plans on raising the dividend by double-digits every year going forward.

As for earnings, Lesjak has a target of a minimum of $7 a share, excluding items, by 2014. In the last fiscal year the company earned $4.58 a share.

Hewlett-Packard closed Monday at $41.49, falling $0.16, or 0.38 percent.