Texas Instruments Incorporated (TXN) will raise its quarterly dividend by 24.2 percent to $0.77 per share in 2018. This follows a 24.0 percent dividend hike last year and marks the semiconductor company's 8th consecutive year of double digit dividend hikes.

The higher dividend will be payable November 19, 2018, to stockholders of record on October 31, 2018, contingent upon formal declaration by the board of directors at its regular meeting in October. The new annual dividend of $3.08 per share yields 2.8% at a stock price of $110.05.

Texas Instruments states that dividend increases and share repurchases are integral pieces of TI's capital management strategy, reflecting the company's continued strength in free cash flow generation and its commitment to return excess cash to stockholders. In the 12-month period ending June 2018, TI has paid 41 percent of its free cash flow in dividends. Today's announcement marks 15 consecutive years of dividend increases. As of second quarter 2018, the company has reduced its outstanding shares by 43 percent through its consistent share repurchases since the end of 2004.

Texas Instruments Incorporated (TI) is a global semiconductor design and manufacturing company that develops analog ICs and embedded processors. The Company's Analog segment's product line includes High Volume Analog & Logic (HVAL), Power Management (Power), High Performance Analog (HPA) and Silicon Valley Analog (SVA). The Company's Embedded Processing segment's product line includes Processor, Microcontrollers and Connectivity.