TE Connectivity Ltd. (NYSE: TEL), a world leader in connectivity and sensors, announced today that its board of directors has authorized an increase in its share repurchase program by an additional $1.5 billion. Any repurchases by the company will be made in accordance with applicable securities laws in the open market or in private transactions. The repurchase program is subject to business and market conditions, and may be commenced, suspended or discontinued at any time or from time to time without prior notice.
The board also approved a recommendation to increase the company’s quarterly dividend from $0.59 to $0.65 per share for the four fiscal quarters starting in April 2024, the beginning of the third fiscal quarter. The recommendation would raise the company’s dividend by 10% from the annual rate of $2.36 per share to $2.60 per share, and will be presented for shareholder approval at the company’s annual general meeting of shareholders on March 13, 2024.
