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Texas Instruments OKs $5 Billion Buyback

The company also boosts its dividend.

Texas Instruments' (TXN) - Get Texas Instruments Incorporated Report board authorized the repurchase of an additional $5 billion of its common stock.

TI said late Thursday it 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, the company said.

Over this period, the company has reduced the number of its shares outstanding by over 200 million shares, or more than 10%.

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Additionally, the company plans to raise its quarterly cash dividend to 4 cents from 3 cents.