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Investing.com-- Analog Devices Inc (NASDAQ:ADI) said on Tuesday its board approved an increase in its quarterly dividend and authorized an additional $10 billion in share repurchases, underscoring confidence in its long-term growth and cash flow generation.
The new quarterly dividend of $0.99 per share after an 8% hike, marks the semiconductor maker’s 21st consecutive annual increase, the company said in a statement. The dividend is payable on March 17 to shareholders of record as of March 4.
With the latest $10 billion buyback approval, Analog Devices’ total remaining share repurchase authorization now stands at approximately $11.5 billion.
The company said repurchases may be conducted in the open market or through privately negotiated deals, with timing and volume determined by management.
"ADI’s resilient business model and track record of delivering profitable growth enables our return of 100% of free cash flow to shareholders over the long term," CEO Vincent Roche said.
Roche highlighted that the company has returned more than $13 billion in dividends and repurchased around $16 billion in stock over the past 21 years while continuing to invest in its product portfolio and manufacturing capabilities.