Why Qualcomm Stock Topped the Market Today
There's nothing like a dividend raise to juice interest in a stock. So it was on Wednesday, when prominent mobile tech specialist Qualcomm (NASDAQ: QCOM) declared one. Grateful investors promptly traded the stock up, and it closed the day 1.7% higher. This was a far better performance than that of the S&P 500 index, which inched up only 0.1%.
Qualcomm delivered its happy news before market open, revealing that its quarterly payout would increase from the present level of $0.75 per share to $0.80. That shakes out into a 7% increase.
This wasn't a shock or surprise for anyone. Somewhat atypically in the often capital-hungry tech sector, Qualcomm has been a reliable dividend payer and frequent raiser for over a decade. It habitually lifts its distribution near the start of every year, and 2023 has proven to be no exception.
Source Fool.com
