Courtesy of Benzinga.
Qualcomm Incorporated (Nasdaq: QCOM) today announced that its Board of Directors has approved a 16 percent increase in the Company’s quarterly cash dividend and, effective immediately, a new $4.0 billion stock repurchase program to replace the prior $3.0 billion stock repurchase program, which had $948 million of repurchase authority remaining, net of put options outstanding.
The cash dividend will increase from $0.215 to $0.25 per share of common stock and will be effective for quarterly dividends payable after March 23, 2012. This dividend increase will raise the annualized dividend payout to $1.00 per share of common stock.
“We are pleased to be raising our quarterly cash dividend and to be introducing a new $4.0 billion stock repurchase program,” said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. “Our business model continues to drive strong cash flows, enabling investments in our key business initiatives while we continue to return capital to stockholders. Since these programs began in 2003, we have returned $16.8 billion to stockholders through a combination of stock repurchases and cash dividends.”
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