Analog Devices (ADI) will raise its quarterly dividend by 11.3 percent to 69 cents per share in 2021. This follows a dividend hike of 14.8 percent to $0.62 per share in Q1 of 2020. This will also mark the 18th consecutive year of dividend increases by the semiconductor company.

The next dividend is payable on March 9, 2021 to shareholders of record as of the close of business on February 26, 2021. A new annual rate of $2.76 per share yields 1.7% at a stock price of $159. ADI has paid a dividend for 69 consecutive quarters, totaling $7 billion of cash returned to shareholders through dividends.

"Our robust cash generation and free cash flow margin places us in the top 10% of companies in the S&P 500, and we remain committed to returning 100% of our free cash flow to shareholders,” said Vincent Roche, President and CEO. “The diversity of our business and our alignment to the most important secular trends gives me confidence that we are well positioned to drive sustained growth over the long-term.”

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.