Texas Instruments Inc. said late Wednesday its board hiked the chip maker’s dividend by 13%, after announcing it has returned more than half of its free cashflow to shareholders over the past year.

The $1.15 a share quarterly dividend, up from a previous $1.02 a share, will be payable to shareholders of record as of Nov. 1 on Nov. 15. The increase, however, is “contingent upon formal declaration by the board of directors at its regular meeting in October,” Texas Instruments
TXN,
+1.22%

said.

The company said that it has used 56% of its free cashflow to pay dividends to stockholders in the 12-month period ending in June. Back in July, Texas Instruments reported results that topped Wall Street estimates and a conservative outlook.

Shares rose 0.1% after hours, following a 1.2% advance to close at $197.50. Texas Instruments’ stock price has risen 40% over the past 12 months, trailing the PHLX Semiconductor Index
SOX,
+0.47%
,
which has grown 56%.

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