QUALCOMM (NASDAQ:QCOM) Stock Price Up 1.9% – Here’s What Happened

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price was up 1.9% during trading on Tuesday . The company traded as high as $158.31 and last traded at $158.33. Approximately 1,925,030 shares were traded during trading, a decline of 78% from the average daily volume of 8,715,990 shares. The stock had previously closed at $155.41.

Analysts Set New Price Targets

QCOM has been the topic of a number of research reports. Loop Capital cut their target price on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Robert W. Baird dropped their price target on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Wall Street Zen downgraded QUALCOMM from a “buy” rating to a “hold” rating in a report on Thursday, May 22nd. Susquehanna decreased their price target on shares of QUALCOMM from $210.00 to $190.00 and set a “positive” rating for the company in a research note on Thursday, May 1st. Finally, Wells Fargo & Company lowered their price target on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $189.88.

QUALCOMM Price Performance

The firm has a 50-day simple moving average of $143.64 and a 200-day simple moving average of $155.11. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The firm has a market capitalization of $173.79 billion, a PE ratio of 16.94, a PEG ratio of 2.01 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same period in the prior year, the business posted $2.44 EPS. QUALCOMM’s revenue was up 17.0% on a year-over-year basis. As a group, equities analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be paid a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 2.25%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM’s dividend payout ratio (DPR) is 36.25%.

Insider Buying and Selling

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $146.10, for a total transaction of $486,951.30. Following the sale, the chief financial officer now owns 49,779 shares of the company’s stock, valued at approximately $7,272,711.90. The trade was a 6.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 425,064 shares of company stock worth $8,381,948 in the last 90 days. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in QCOM. Norges Bank bought a new position in QUALCOMM during the 4th quarter valued at $2,721,882,000. Amundi grew its holdings in shares of QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock valued at $2,313,634,000 after purchasing an additional 3,905,918 shares during the last quarter. Nuveen LLC acquired a new stake in shares of QUALCOMM during the 1st quarter worth approximately $529,713,000. Raymond James Financial Inc. acquired a new position in QUALCOMM during the 4th quarter valued at approximately $527,053,000. Finally, GAMMA Investing LLC grew its stake in QUALCOMM by 20,700.4% during the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company’s stock worth $501,192,000 after buying an additional 3,247,068 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Company Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.