$QCOM had an amazing few years as the smartphone market exploded and then they got their ass handed to them (legally speaking).
ip businesses are pure cash flow but it's easy to get greedy and/or rest on your laurels and just cash the checks versus investing in R&D. $QCOM did the former and was capturing so much of the smartphone bill of materials that eventually their customers went nuclear.
i imagine the company's culture has changed a lot during these bad years and they've had to rebuild their credibility with investors at the same time. does make sense as a dividend growth play.