Broadcom Inc., formerly Broadcom Limited (AVGO), will raise its quarterly dividend by 22.6 percent to $3.25 per share in the fourth quarter of 2019. This follows a 51.4 percent dividend hike by the semiconductor and software company last year.

The next dividend is payable on December 31, 2019 to common stockholders of record at the close of business on December 23, 2019. A new annualized dividend of $13.00 per share yields 4.0% at a stock price of $323.80.

"We achieved record profitability in fiscal 2019, including free cash flow of over $9 billion, despite a challenging market backdrop for our semiconductor solutions segment. As a result, we are raising our target dividend by 23 percent to $3.25 per share per quarter for fiscal year 2020," said Tom Krause, CFO of Broadcom Inc. "Looking ahead to next year, we expect our adjusted EBITDA to expand by more than $1 billion, while we focus our capital returns on cash dividends, with excess cash going towards debt pay down."

Broadcom Inc. designs, develops and supplies semiconductor and infrastructure software solutions. Broadcom's product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. The company's solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. Broadcom Inc., or Broadcom, is the successor to Broadcom Limited, the successor to Avago Technologies Limited following Avago’s acquisition of Broadcom Corporation (BRCM) on February 1, 2016. Broadcom Inc completed its acquisition of the Symantec Enterprise Security business on November 4, 2019. Also in 2019, Broadcom completed the acquisition of CA Inc.