The Board of Directors of Texas Instruments (TI) has authorized the company to repurchase an additional $5 billion of its common stock.
TI plans to repurchase shares at times and prices considered appropriate by the company. When combined with other previously announced buyback plans, the total outstanding share repurchase authorization is now $6.8 billion.
Including today’s announcement, the Board has authorized the repurchase of $15 billion of stock since September 2004. Over this period, the company has reduced the number of its shares outstanding by over 200 million shares, or more than 10 percent.
Additionally, the company plans to raise its quarterly cash dividend 33 percent. TI’s new quarterly dividend rate will be $0.04 per quarter, resulting in annual dividend payments of $0.16 per share. http://www.ti.com
