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Takeaway: KLAC's announcement this morning puts our "Dividend and Buyback" theme back into focus.

Hedgeye Semiconductor analyst Craig Berger noted earlier this morning that the "Dividend and Buyback" theme is back in focus today after KLA-Tencor Corporation (KLAC) -- a SemiCap equipment firm -- raised its dividend 11% and authorized a new $1 billion share buyback

$KLAC: Our "Dividend and Buyback" Semis Theme Comes to the Fore - klac

Berger spent a fair amount of time during his recent launch discussing how the Semiconductor sector is transitioning into a Cash Return story, and how that's bolstering sector stock performance.

In his detailed and proprietary Cash Return Affordability Analysis, Berger highlighted five other firms in addition to KLAC which could make large dividend or buyback increases, and two others that are in acquisition mode, but could also possibly increase Cash Returns.

Click below to watch Berger's recent Cash Returns & Dividends video: