Chipmaker Texas Instruments Inc. plans to back up to another $7.5 billion in stock and raise its quarterly dividend 12 percent.
The Dallas-based company made the announcement Thursday. Texas Instruments had $1.8 billion remaining on its previous stock buyback authorization at the end of June.
TI is increasing its dividend to 38 cents from 34 cents. It will pay its next dividend on Nov. 16 to shareholders of record on Oct. 30.
The company had about 1.03 billion shares on the market in late July. Based on that total Texas Instruments would pay about $390 million in dividends to shareholders every quarter, although the stock buybacks decrease the number of shares and the amount it will pay in dividends.
Copyright AP - Associated Press
