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Texas Instruments Inc. said late Wednesday its board hiked the chip maker’s dividend by 13%, after announcing it has returned more than half of its free cashflow to shareholders over the past year.
The $1.15 a share quarterly dividend, up from a previous $1.02 a share, will be payable to shareholders of record as of Nov. 1 on Nov. 15. The increase, however, is “contingent upon formal declaration by the board of directors at its regular meeting in October,” Texas Instruments
TXN,
said.
The company said that it has used 56% of its free cashflow to pay dividends to stockholders in the 12-month period ending in June. Back in July, Texas Instruments reported results that topped Wall Street estimates and a conservative outlook.
Shares rose 0.1% after hours, following a 1.2% advance to close at $197.50. Texas Instruments’ stock price has risen 40% over the past 12 months, trailing the PHLX Semiconductor Index
SOX,
which has grown 56%.
