Analog Devices (ADI) will raise its quarterly dividend by 12.5 percent to $0.54 per share in Q1 of 2019. This will mark the 16th consecutive year of dividend increases by the semiconductor company.

The new dividend is payable on March 12, 2019 to shareholders of record as of the close of business on March 1, 2019. A new annual rate of $2.16 per share yields 2.1% at a stock price of $105.91.

"We pride ourselves on our commitment to shareholder returns and have paid a dividend every quarter since 2003,” said Vincent Roche, President and CEO, “And given the confidence in our future prospects and strength of our business model, I am pleased to announce that we have increased our target dividend growth rate to 7 to 15 percent annually from our previous target of 5 to 10 percent.”

Analog Devices, Inc. is a global high-performance analog technology company. Analog Devices designs, manufactures, and markets a broad portfolio of solutions, including integrated circuits (ICs), algorithms, software, and subsystems that leverage high-performance analog, mixed-signal, and digital signal processing technologies. The company focuses on key strategic markets such as industrial, automotive, consumer, and communications. Analog Devices went public in 1979 and initiated a quarterly dividend in 2003.