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Investors looking for beaten-down stocks with strong dividend yields and strong growth prospects should consider Qualcomm (QCOM) - Get Qualcomm Inc Report . Owing to struggles in its wireless chip business and being left out of Samsung's (SSNLF) Galaxy S6 phones, 2015 hasn't been a good year for the semiconductor giant.

With its shares down some 34% in 2015 and down 30% over the past six months, Qualcomm has been one of the worst-performing stocks in the iShares PHLX Semiconductor ETF (SOXX) - Get iShares Semiconductor ETF Report . But the San Diego-based company does pay a strong 48-cent quarterly dividend that now yields 3.92% annually, based on the stock's recent price level around $49. That's almost twice the 2.00% yield paid out by average stock in the S&P 500 (SPX) index. And with its shares trading at a price-to-earnings ratio of 15, QCOM stock is also cheaper than the S&P 500, which is priced at a P/E of 21. This makes it a great buying opportunity.

Why? QCOM shares will begin trading ex-dividend Friday. To qualify for a dividend check, investors must own the shares on or before its ex-dividend date, when the company finalize the roster of shareholders to whom it will pay dividends this quarter. Investors of record as of Dec. 1 will receive the payout on Dec. 15, roughly two weeks after the record date.

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Not only is the waiting period relatively short, there are tons of reasons to own QCOM shares beyond its dividend. Consider, although sales growth for its smartphone chips has slowed, the company has begun to expand its chip business in the Internet of Things arena -- areas like connected cars, wearable devices and various smart home appliances.  Qualcomm's IoT segment already generates some $1 billion in annual revenue -- 120 million smart-home devices were shipped with Qualcomm chips in 2014 -- demonstrating that it's well positioned for the industry's next growth market.

In that vein, the company expects about 10% of its projected $26 billion revenue in 2015 to come from non-smartphone devices. It's likely for this reason that analysts have maintained their consensus buy rating on the stock while giving it an average price target of $63.50,  some 30% above current levels. The way I see it, with QCOM shares trading near their 52-week lows, patience is the best play here, and the strong dividend is an added bonus.

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