Qualcomm It’s currently focused on using the dividend to create shareholder value rather than buy back its stock, CEO Cristiano Amon told CNBC’s Jim Kramer Monday.
“We’ve increased our dividend payout,” Amon said in an interview today. “We talked about annual dividend targets, high single numbers, low double-digit growth rates, and we’ll continue to look for a buyback opportunity.”mad money. “
Qualcomm announced on March 9 that It agreed to increase its quarterly cash dividend by 10%, raising the dividend from 68 cents to 75 cents per share of common stock, and raising the annual dividend to $3 per share of common stock.
“We want to maintain strategic flexibility, also for mergers and acquisitions, because we see diversification working for the company … we want it to grow faster,” Amon said.
The CEO’s comments come after Cramer questioned why Qualcomm had not repurchased its shares. Chip shares fell last Friday after JPMorgan has removed Qualcomm off the Analysts’ Focus List for April but rose 4.64% on Monday Tech stocks rose even more.
company announced Monday It has completed its acquisition of Arriver from SSW Partners in a move to improve the Advanced Driver Assistance System program.
Disclosure: The Kramer Charitable Fund owns shares in Qualcomm.
open an account now For the CNBC Investing Club to keep track of Jim Cramer’s every move in the market.
Questions for Kramer?
Call Cramer: 1-800-743-CNBC
Questions, comments and suggestions for “Mad Money”? [email protected]
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”