Qualcomm Initiates Accelerated Share Repurchase

Qualcomm (QCOM) announced today that they’re launching their accelerated share repurchase program. This is part of their $15 billion buyback program announced in March. The company plans to buy about 57.7 million shares for $5 billion. The purchasing is being funded by Qualcomm’s recent $10 billion bond deal.

“We are pleased to initiate this accelerated share repurchase as we continue to execute on our enhanced capital return program,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “These repurchases represent a significant step towards meeting our goal of repurchasing $10 billion of common stock by March 2016, in addition to our commitment to return a minimum of 75 percent of free cash flow to stockholders through dividends and repurchases. The Board and the management team remain committed to returning capital to stockholders and believe we can continue to do so as we invest to create longer term stockholder value.”

The shares are up 1.3% this morning.

Posted by on May 21st, 2015 at 10:24 am


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