Broadcom Inc. (AVGO) will raise its quarterly dividend by 10.8 percent to $3.60 per share in 2020. This follows a 22.6 percent hike to $3.25 per share announced in the fourth quarter of 2019. The semiconductor and software company has now raised its dividend for 10 consecutive years.

"Despite the challenges presented by the ongoing pandemic and macroeconomic uncertainties, we achieved record profitability, generating $11.6 billion of free cash flow in fiscal 2020," said Tom Krause, CFO of Broadcom Inc. "As a result, we are raising our target common stock dividend by 11 percent to $3.60 per share per quarter for fiscal year 2021.". 

A new annualized dividend of $13.00 per share yields 4.0% at a stock price of $323.80. The common stock dividend is payable on December 31, 2020 to common stockholders of record at the close of business (5:00 p.m. Eastern Time) on December 21, 2020.

Broadcom has announced a double digit dividend hike in each of the last ten years. The company will now pay an estimated $5.8 billion in dividends to its shareholders annually.

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.