Qualcomm Surges on Dividend Hike
(Qualcomm earnings and dividend article updated with stock price movements, sector news and additional analysis.)
NEW YORK (
) --
Qualcomm
(QCOM) - Get Report
stock has surged 7% to $38.10 after the company hiked its dividend and announced a new stock-repurchase program worth billions of dollars.
On Monday, Qualcomm declared that it would hike its quarterly cash dividend by 12%, and announced a new $3 billion stock repurchase program to replace a $2 billion stock repurchase program, which was recently completed with $1.7 billion of repurchase activity.
>>Search for Highest Dividends by Rate or Yield
>>Check Ex-dividend Dates with Our Dividend Calendar
The cash dividend will now be now be 19 cents per share of common stock and will be effective for quarterly dividends payable after March 28, 2010. The cash dividend was previously at 17 cents. This dividend increase will raise the annualized dividend payout to 76 cents per share of common stock.
Qualcomm has returned $12.6 billion to the company's stockholders through a combination of dividends and stock repurchases since commencing the program in 2003. Qualcomm had about 1.64 billion shares of common stock outstanding as of February 26, 2010.
Meanwhile, Qualcomm peers are trading in mixed territory Tuesday late afternoon.
Texas Instruments
(TXN) - Get Report
stock has fallen 1% to $24.40, while
Broadcom
(BRCM)
has fallen 1.9% to $31.20.
Nokia
(NOK) - Get Report
American Depository Receipts are up 1.4% at $13.50.
In Texas Instruments news, chief Rich Templeton said he's not concerned about
Intel's
(INTC) - Get Report
deeper push into the market for embedded chips, explaining that this would impact only certain high-end areas of the market, according to
Dow Jones Newswires.
"I don't think that's a space where we are going to see a lot of running into the Intel guys," Templeton said, according to
Dow Jones Newswires.
Intel stock has edged lower to $20.60, down 1.2%.
-- Reported by Andrea Tse in New York
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.