Chipmaker Qualcomm Corp. (NASDAQ: QCOM) said today that it is raising its quarterly dividend from $0.25 to $0.35 beginning with payments made after March 27. The company also initiated a new $5 billion share buyback program to replace its existing $4 billion program that had about $2.5 billion remaining for repurchases. The repurchase program has no expiration date.
The company’s CEO said:
Our business model continues to generate strong operating cash flows that enable us to invest in and execute on our strategic priorities, while also returning capital to stockholders. Since these programs began in 2003, we have returned $19.9 billion to stockholders through a combination of stock repurchases and cash dividends.
Qualcomm’s shares have been trading near their 52-week high, set late last March. Today’s move may push the stock to a new high.
Shares are up about 2% at $68.00 in premarket trading this morning, in a 52-week range of $53.09 to $68.87.
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