Apple, which is sitting on a cash pile of $146.6 billion, has been encouraged to give back more money to shareholders.
In April, the technology giant handed shareholders a $100 billion sweetener, amplifying its break with former - and deceased - CEO Steve Jobs' no dividend policy, which it reversed last year.
It said it would return $100 billion to stockholders by the end of 2015; a $55 billion increase on its 2012 programme. The amount translates to an average rate of $30 billion a year from the time of the first dividend payment in August 2012 until December 2015, Apple said in a statement.
As part of the programme, Apple will buy back stock worth $60 billion. "This is the largest single share repurchase authorisation in history and is expected to be executed by the end of calendar 2015."
Apple also approved a 15% increase in its dividends. "Apple is among the largest dividend payers in the world, with annual payments of about $11 billion."
However, for activist investor Carl Icahn this is not enough. The Wall Street Journal quotes him as saying he has pressed Apple CEO Tim Cook to push the company's stock buyback programme to $150 billion.
The journal reports Icahn said Cook could not yet provide an answer and needed to first discuss the matter with the Apple board. He said they plan to talk again in about three weeks.
On Twitter this week, Icahn said: "Had a cordial dinner with Tim last night. We pushed hard for a [$]150 billion buyback. We decided to continue dialogue in about three weeks."
Apple stock last traded at $489.56, giving it a market capitalisation of $444.76 billion.
According to recent research by Interbrand, Apple has surpassed Coca-Cola as the world's most valuable brand. "With Apple claiming the top position this year, Google jumps to number two and Coca-Cola, the brand that held the number one position for 13 consecutive years, moves to number three," it says in a statement.
Apple has appeared on Interbrand's Best Global Brands ranking since 2000, when the ranking debuted. In 2000, Apple ranked at 36 and had a brand value of $6.6 billion, it says.
Its current brand value is $98.3 billion- almost 15 times the amount of its brand value in 2000, says Interbrand. "Apple's meteoric rise in brand value can be attributed to the way it has created a seamless omni channel experience for customers."
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