The board of directors of Texas Instruments (TI) has authorised the company to repurchase an additional $7.5bn (£4.8bn) of its common stock. This is in addition to the $1.3bn in repurchase authorisations remaining at the end of June 2010.
TI plans to repurchase shares at times and prices considered appropriate by the company. Including this announcement, the board has authorised the repurchase of $27.5bn of stock since September 2004. The company has reduced the number of its shares outstanding by 533 million shares, or 31 per cent, from September 2004 through June 2010.
Additionally, the company plans to raise its quarterly cash dividend $0.01 per common share. TI’s new quarterly dividend will be $0.13 per share of common stock, resulting in annual dividend payments of $0.52 per common share.