SAN DIEGO, March 4, 2014 /PRNewswire/ -- Qualcomm Incorporated (Nasdaq: QCOM) today announced that its Board of Directors has approved a 20 percent increase in the Company's quarterly cash dividend and, effective immediately, a $5.0 billion increase in its stock repurchase authorization.
The cash dividend will increase from $0.35 to $0.42 per share of common stock and will be effective for quarterly dividends payable after March 26, 2014. This dividend increase will raise the annualized dividend payout to $1.68 per share of common stock. The $5.0 billion increase in the stock repurchase program brings the current authorization to $7.8 billion. Prior to this increase, $2.8 billion remained available under the stock repurchase program. To date in fiscal 2014, the Company has repurchased 27.6 million shares of common stock for $2.0 billion.
"Consistent with our commitment of returning capital to our stockholders, we are pleased to increase our quarterly cash dividend and stock repurchase authorization," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm Incorporated. "Our business continues to generate strong operating cash flows driven by the global adoption of our advanced technologies, including 3G and 4G, enabling us to continue to invest in our strategic growth opportunities, while also returning capital to stockholders. Since these programs began in 2003, we have returned more than $28 billion to stockholders through a combination of stock repurchases and cash dividends."
Qualcomm is hosting its annual meeting of stockholders today, March 4, 2014, in San Diego, California. The meeting will be simulcast on the Company's Investor Relations website at http://investor.qualcomm.com/events.cfm .The stock repurchase program has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases under this program will be made using the Company's cash resources and may be commenced or suspended from time-to-time at the Company's discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, in privately negotiated transactions or through the use of derivative instruments.