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

QUALCOMM Incorporated (NASDAQ:QCOM)’s stock price traded up 1.9% during mid-day trading on Friday . The stock traded as high as $150.32 and last traded at $150.34. 974,821 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 8,699,638 shares. The stock had previously closed at $147.56.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on QCOM shares. JPMorgan Chase & Co. restated an “overweight” rating and set a $185.00 price target on shares of QUALCOMM in a research report on Tuesday, April 29th. TD Cowen decreased their price objective on QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Loop Capital cut their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Evercore ISI decreased their price target on shares of QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a research note on Friday, May 2nd. Finally, Susquehanna cut their price objective 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. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, QUALCOMM presently has a consensus rating of “Hold” and an average price target of $189.88.

QUALCOMM Trading Up 1.1%

The firm has a market cap of $163.87 billion, a PE ratio of 15.94, a PEG ratio of 2.01 and a beta of 1.26. The firm has a fifty day simple moving average of $143.61 and a two-hundred day simple moving average of $155.12. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49.

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

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.39%. QUALCOMM’s payout ratio is presently 36.25%.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $146.10, for a total value of $486,951.30. Following the sale, the chief financial officer now directly owns 49,779 shares of the company’s stock, valued at $7,272,711.90. This represents a 6.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the 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 disclosure for this sale can be found here. Insiders sold a total of 425,064 shares of company stock valued at $8,381,948 over the last three months. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On QUALCOMM

A number of hedge funds and other institutional investors have recently bought and sold shares of QCOM. Eagle Strategies LLC grew its stake in shares of QUALCOMM by 4.3% in the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company’s stock worth $219,000 after buying an additional 59 shares during the last quarter. Clark Capital Management Group Inc. grew its stake in shares of QUALCOMM by 3.6% in the fourth quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company’s stock worth $264,000 after acquiring an additional 59 shares during the last quarter. TBH Global Asset Management LLC increased its holdings in shares of QUALCOMM by 0.9% during the fourth quarter. TBH Global Asset Management LLC now owns 7,050 shares of the wireless technology company’s stock valued at $1,083,000 after acquiring an additional 63 shares in the last quarter. PDS Planning Inc raised its position in shares of QUALCOMM by 1.6% in the 4th quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company’s stock worth $631,000 after purchasing an additional 64 shares during the last quarter. Finally, Cassady Schiller Wealth Management LLC boosted its stake in QUALCOMM by 15.8% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 477 shares of the wireless technology company’s stock worth $73,000 after purchasing an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

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.