Qualcomm’s Board gives Approval for Major Increase in its Capital Return Program
Chip maker Qualcomm recently announced that its board has given approval for a major increase in the company's capital return program to deliver value to its stockholders. The board has authorized the company to repurchase up to $15 billion of its common stock. This $15 billion program replaces the previous program, which had a $2.1 billion authorization remaining.
The company presently aims to repurchase $10 billion of its common stock within approximately twelve months of the date of this announcement.
The company has also received approval for a 14% increase in Qualcomm's quarterly cash dividend, raising the annualized dividend payout to $1.92 per share of common stock.
The company told that the cash dividend will increase 48c per share from 42c per share of common stock. It will be effective for quarterly dividends payable after March 25, said the company.
The shares of the US chip maker Qualcomm rose 3% after the move was announced. Chief executive Steve Mollenkopf said, "Our business continues to generate substantial operating cash flow, and today's announcement represents an important step in returning that cash to our owners".
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.
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