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