Qualcomm Sets $15 Billion Share Buyback Program, Ups Dividend

Shares of Qualcomm Inc. climbed 1.6% in after-hours trade Monday, after the wireless technologies announced a significant increase to its capital return program, including $15 billion in share buybacks and a 14% increase to its dividend. The new share repurchase program replaces the previous one, which still had $2.1 billion remaining. The company said it plans to buy back $10 billion worth of its stock in the next 12 months. The new quarterly dividend will be 48 cents a share, up from 42 cents a share, and will be effective March 25. Qualcomm said it expects to finance the buybacks and dividend increase primarily by accessing the public debt markets. Through Monday's close, Qualcomm's stock had lost 0.4% in the past three months, while the S&P 500 gained 1%.