Qualcomm is presently concentrating on utilizing dividends to bring investors worth instead of redeeming its stock, president Cristiano Amon informed CNBC’s Jim Cramer on Monday.
“We had increased our dividend. We talked about annualized dividend targets, high single digits, low double-digit growth rates, and we are going to continue to look for opportunistic buyback,” Amon stated in an interview on “Mad Money.”
Qualcomm revealed on March 9 that it authorized a 10% quarterly money dividend boost, raising the dividend from 68 cents to 75 cents per share of typical stock and improving the annualized dividend payment to $3 per share of typical stock.
“We want to maintain strategic flexibility, also for M&A, because we see diversification working for the company. … We want it to grow faster,” Amon stated.
The CEO’s remarks followed Cramer questioned why Qualcomm isn’t buying its stock back. The chip stock fell last Friday after JPMorgan gotten rid of Qualcomm from its April Analyst Focus list however increased 4.64% on Monday, which saw a bigger rally in tech stocks.
The business revealed Monday that it finished its acquisition of Arriver from SSW Partners in a relocate to enhance its Advanced Driver Assistance System software application.
Disclosure: Cramer’s Charitable Trust owns shares of Qualcomm.
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