U.S. chipmaker Qualcomm Inc.'s (QCOM) board has approved a 40 percent increase in its quarterly cash dividend and, effective immediately, a new $5.0 billion stock buyback program to replace the previous $4.0 billion repurchase program, that had $2.5 billion of repurchase authority remaining.
The cash dividend would increase from $0.25 to $0.35 per share and would be effective for quarterly dividends payable after March 27, 2013. The company said this dividend increase would raise the annualized dividend payout to $1.40 per share.
Qualcomm's chairman and chief executive commented, "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."
This new share buyback program has no expiration date.
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