Qualcomm (QCOM) Dividend Increase Reflects Confidence in Earnings Growth, Goldman Reiterates CL-Buy

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This morning Qualcomm (NASDAQ: QCOM) announced a 40 percent dividend increase and a $5 billion buyback plan. In the view of analysts at Goldman Sachs, the announcement is a positive for the stock and reflects Qualcomm's confidence in growing earnings at a double digit rate over the next 5 years.

"The new dividend implies a dividend yield of 2.05%, compared to the average for the S&P 500 of 2.15%, placing Qualcomm in the top 30 tech stocks within the S&P 500. We also view Qualcomm's new buyback authorization positively, as Qualcomm has been an opportunistic and generally well-timed buyer of its stock," said analyst Simona Jankowski.

Goldman Sachs today maintained a conviction Buy rating on Qualcomm with a price target of $80.00.

For an analyst ratings summary and ratings history on Qualcomm (NASDAQ: QCOM) click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $66.63 yesterday, with a 52 week range of $53.09-$68.87.

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