Qualcomm Inc. QCOM, the largest manufacturer of wireless baseband chipset globally, recently raised its dividend pay-out. The quarterly cash dividend has been raised to 53 cents per share from 48 cents reflecting an increase of 10.4%. The new dividend will be payable on June 22, 2016, to stockholders of record at the close of business on June 1, 2016. This hike will raise the company’s annualized dividend pay-out to $2.12 per share, representing a dividend yield of 4.19%.Management cited clear-cut visibility of future earnings growth and continuation of strong cash flow generation as the primary reasons for the dividend raise. Qualcomm currently has more than 255 royalty bearing licensees worldwide. Additionally, the company has over 90 single-mode OFDMA licensees. The demand for Qualcomm’s Snapdragon 410 and 210 processors are scaling new heights which should help the company maintain its dominance in the smartphone industry. Moreover, the company has lined up its latest processor – the Qualcomm Snapdragon 820 – to power next-gen flagship phones, which is on track to ship in the first half of 2016.Qualcomm has also announced Snapdragon 430 and Snapdragon 617 to fire up lower-priced and midrange devices, respectively. During the first quarter of fiscal 2016, Qualcomm shipped approximately 242 million CDMA-based MSM chipsets, down 10% year over year. However, this figure surpassed the midpoint of 235 million of the company's guidance.Average selling price (ASP) of a 3G/4G handset with an in-built Qualcomm chipset during the quarter was around $193–$199. In the second quarter of fiscal 2016, Qualcomm expects to ship 175–195 million MSM chipsets. We expect Qualcomm to benefit considerably as the company boasts an extensive five-mode LTE chipset portfolio developed on its baseband technology. The five-mode standard includes LTE, FDD-LTE, TD-SCDMA, WCDMA and GSM.Zacks Rank & Stocks to ConsiderQualcomm currently bears a Zacks Rank #4 (Sell). Some better-ranked stocks in the same industry include Motorola Solutions Inc. MSI, Sonus Networks Inc. SONS and ARC Group Worldwide Inc. ARCW. While Motorola sports a Zacks Rank #1 (Strong Buy), both Sonus and ARC Group carry a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report QUALCOMM INC (QCOM): Free Stock Analysis Report SONUS NETWORKS (SONS): Free Stock Analysis Report ARC GROUP WORLD (ARCW): Free Stock Analysis Report MOTOROLA SOLUTN (MSI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research