Thursday, September 19st the Board of Directors of Texas Instruments Incorporated (TXN) announced that it will raise its quarterly dividend from $1.30 to $1.35 per share that’s payable November 12, 2024 to holders of record October 31, 2024. This represents a 4.62% increase over the last quarterly dividend. That announcement marks 21 consecutive years of dividend increases.
The increase is consistent with TI's long-term objective for dividends by providing a sustainable and growing dividend and reflects the company's continued commitment to return all free cash flow to its owners over time.
With current price $207.60 (yesterday's close), this raise brings their dividend yield to 2.62%.
Texas Instruments is a Dividend Contenders with a 21 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.0, 10.5, 13.8 and 16.7 (Dividend Champions.xls)
Since I own 20 shares of TXN, this will increase my portfolio's projected annual net dividend income by $3.58.
The increase was lower than I expected, but I am also happy to accept this.
This is the third dividend increase I've received from Texas Instruments since initiating a position January 2022. During this period, the quarterly dividend has risen reasonably from $1.15 to $1.36, or 18.3%.
This increase raises my Yield on Cost to 3.37%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long TXN
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