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Intel Delivers Larger Dividend Hike Than Expected and 2016 Growth Outlook

If you are surprised about Intel Corp. (NASDAQ: INTC) announcing that it has hiked its dividend again, you haven’t been reading 24/7 Wall St. long enough. Just this week we featured Intel as one of six companies expected to raise their dividends before the end of 2015, but Intel raised its payout a tad more than our base case. Remember that Intel is in the process of acquiring Altera Corp. (NASDAQ: ALTR).

At Intel’s annual investor meeting, the company’s board of directors approved an increase in its annualized cash dividend to $1.04 per share. On a quarterly basis, that translates to $0.26 per share, versus the prior $0.24 per share payout. When we called for the coming dividend hike, our view was that Intel would raise its dividend to $1.00 per share on an annualized basis, so this is double the dividend hike that we were looking for.

What’s key is that Intel is raising its dividend payout by 8.3%. If you use the $33.16...