Analog Devices Increases Quarterly Cash Dividend 9 Percent to $0.37 Per Share and Increases Share Buyback Authorization to $1 Billion
NORWOOD, Mass.--(BUSINESS WIRE)--Analog Devices, Inc. (NASDAQ: ADI) today announced that its Board of Directors has voted to increase its quarterly dividend by 9 percent to $0.37 from $0.34 per outstanding share of common stock.
“The cash dividend we initiated over ten years ago continues to be the foundation of our capital allocation strategy”
In addition, the Board of Directors has approved an increase to the Company’s share repurchase authorization to $1 billion. As of February 1, 2014, the Company had $443 million remaining under its previous authorization.
“The cash dividend we initiated over ten years ago continues to be the foundation of our capital allocation strategy,” said Vincent Roche, President and CEO. “Our strong cash flow supports regular dividend increases, which together with the one billion dollar share repurchase authorization, further enhances shareholder returns.”
Since the first dividend was paid in December 2003, ADI has paid a cash dividend to shareholders every quarter. The Company has increased its dividend 11 times, and has paid a total of $2.5 billion in dividends to shareholders over that period. The increase is effective with the dividend payable on March 11, 2014 to shareholders of record as of the close of business on February 28, 2014. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon ADI’s financial position, results of operations, outlook, liquidity, and other factors deemed relevant by the Board.
Since the commencement of the Company’s repurchase program in fiscal year 2004, the Company has repurchased approximately $4.6 billion of its outstanding shares. Under the program, the Company may repurchase shares from time to time on the open market or in privately negotiated transactions. ADI management will determine the timing and amount of shares repurchased.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars on which Analog Devices has built one of the longest standing, highest growth companies within the technology sector. Acknowledged industry-wide as the world leader in data conversion and signal conditioning technology, Analog Devices serves over 60,000 customers, representing virtually all types of electronic equipment. Analog Devices is headquartered in Norwood, Massachusetts, with design and manufacturing facilities throughout the world. Analog Devices' common stock is included in the S&P 500 Index.