QCOM: Qualcomm Boosts Dividend, Buyback Plan

by Christopher Freeburn | March 4, 2014 9:50 am

QCOM: Qualcomm Boosts Dividend, Buyback Plan

QualcommLogo QCOM: Qualcomm Boosts Dividend, Buyback Plan[1]On Tuesday, Qualcomm (QCOM[2]) raised it quarterly dividend and authorized more share repurchases[3]. 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.

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[4]. 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%.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2010/09/QualcommLogo.jpg
  2. QCOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=QCOM
  3. and authorized more share repurchases: http://www.bloomberg.com/news/2014-03-04/qualcomm-boosts-dividend-by-20-adds-5-billion-to-buyback-plan.html?cmpid=yhoo
  4. to become its new CEO this month: http://investorplace.com/2013/12/sorry-microsoft-qualcomm-elevates-mollenkopf-chief-exec-elect/#.UxXmANxhOf0

Source URL: http://investorplace.com/2014/03/qcom-qualcomm-boosts-dividend-buyback-plan/
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