On Tuesday, Qualcomm (QCOM), a leader in 3G and next-generation mobile technologies, announced that it would hike its dividend 16% to an annualized payout of $1 per share and implement a $4 billion share buyback program. The dividend increase was modestly higher than our expectations for roughly a 12% jump, but we still remain on the sidelines with respect to the firm’s shares in the portfolio of our Dividend Growth Newsletter. Its annual dividend yield of 1.4% remains too low for us to get excited, despite the company’s tremendous opportunity via global smart phone growth. And with Qualcomm trading roughly in line with our estimate of its intrinsic value, we think its share buyback is a net-neutral event on its valuation. Our $60 fair value estimate remains unchanged at this time.