Qualcomm stock bounces after dividend raised, boosting yield to nearly 2.7%

Shares of Qualcomm Inc.
QCOM,
+0.66%
gained 0.4% in premarket trading Wednesday, a day after closing at a seven-week low, after the semiconductor maker raised its quarterly dividend by 6.7%, to 80 cents a share from 75 cents a share. The new dividend will be effective for dividends payable after March 23. Based on Tuesday’s stock closing price of $119.19, the new annual dividend rate implies a dividend yield of 2.68%, which compares with the yield for the Technology Select Sector SPDR exchange-traded fund of 0.93% and the implied yield for the S&P 500 of 1.71%. Qualcomm’s stock has slipped 2.1% over the past three months through Tuesday, while the technology sector ETF has rallied 5.6% and the S&P 500 has ticked up 0.6%.