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QCOM: Qualcomm Boosts Dividend, Buyback Plan

It had already authorized $2 billion in share buybacks this year


qualcomm qcom stockOn Tuesday, Qualcomm (QCOM) raised it quarterly dividend and authorized more share repurchases. Investors liked the news sending QCOM stock up more than 3% in morning trading.

QCOM stock gained after the computer chip-maker said it would increase its quarterly dividend to 42 cents a share, a 20% hike, Bloomberg notes.

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In addition to $2 billion in QCOM share repurchases already authorized for this fiscal year, QCOM announced that it had authorized the buyback of another $5 billion in QCOM shares. That would boost the QCOM share repurchase program to $7.8 billion.

In December, QCOM tapped COO Steve Mollenkopf to become its new CEO this month. Mollenkopf replaced former CEO Paul Jacobs on Mar. 4.

QCOM stock closed $73.63 a share at on Monday. Over the past year, QCOM shares have gained about 10%.

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