Should you buy into semiconductor giant Qualcomm (QCOM) - Get Report ? Yes, and here is why.

Its shares, at around $51.50, are up 3.1% for the year to date compared with a Nasdaq down over 9%. More important, for those who crave regular dividend income, Qualcomm's is 48 cents a share.

If you want that dividend you'll have to buy the stock now because on Monday management will be finalizing its list of investors who will receive the quarterly check.

While Qualcomm stock is up so far this year, it is down 28% over the past 52 weeks, not delivering the gains to which investors have become accustomed. This is disappointing when you consider the company's chips are in smartphones made by Apple (AAPL) - Get Report and Samsung (SSNLF)

Still, where Qualcomm may disappoint in stock performance the company makes up for it in that 48-cent per share quarterly dividend. Based on its current stock price, Qualcomm's dividend yields an impressive 4.11% annually, which is more than twice the 2% average yield paid out by companies in the S&P 500 index.

So the company is paying you to be patient. Qualcomm has been generous, too, raising its dividend over the past five years from 17 cents to the current 48 cents. 

Qualcomm is seeing better-than-expected 3G and 4G device adoption rates, warranting optimism about future revenue. Plus, combined with ongoing company-wide cost cuts, Qualcomm should also see incremental earnings benefits in the quarters ahead.

During its first-quarter conference call last month, CEO Steve Mollenkopf talked about several new licensing deals the company signed. Mollenkopf noted that Qualcomm's design traction for its new flagship processor remains strong, and he expects improving trends in the company's chipset business in the second half of fiscal 2016.

To that end, with Qualcomm expected to return to earnings growth in fiscal 2016, based on a consensus estimate of $4.77 a share, the stock is priced at just 10 times those estimate, or seven points below the S&P 500 index. That's excellent value and yet another reason to hold this stock for the long term.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.