QUALCOMM (NASDAQ:QCOM) Trading Up 2.7% Following Analyst Upgrade

QUALCOMM Incorporated (NASDAQ:QCOMGet Free Report)’s stock price shot up 2.7% during trading on Wednesday after TD Cowen raised their price target on the stock from $200.00 to $235.00. TD Cowen currently has a buy rating on the stock. QUALCOMM traded as high as $210.61 and last traded at $209.90. 3,448,840 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 8,869,352 shares. The stock had previously closed at $204.37.

Several other analysts have also recently commented on QCOM. Mizuho increased their target price on QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Morgan Stanley raised their target price on shares of QUALCOMM from $158.00 to $172.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. upped their price objective on QUALCOMM from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Barclays increased their target price on shares of QUALCOMM from $155.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Finally, Argus boosted their price objective on QUALCOMM from $180.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $188.74.

Check Out Our Latest Research Report on QCOM

Insider Activity at QUALCOMM

In other news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $168.27, for a total transaction of $1,346,160.00. Following the completion of the transaction, the chief technology officer now directly owns 261,893 shares in the company, valued at $44,068,735.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $168.27, for a total value of $1,346,160.00. Following the transaction, the chief technology officer now directly owns 261,893 shares in the company, valued at $44,068,735.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the transaction, the chief financial officer now owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The disclosure for this sale can be found here. Insiders have sold 45,185 shares of company stock worth $8,206,875 over the last 90 days. 0.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. WFA Asset Management Corp bought a new stake in QUALCOMM during the 1st quarter valued at $27,000. CarsonAllaria Wealth Management Ltd. boosted its position in QUALCOMM by 327.1% during the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after purchasing an additional 157 shares in the last quarter. Richardson Capital Management LLC acquired a new stake in shares of QUALCOMM in the first quarter valued at about $37,000. DiNuzzo Private Wealth Inc. acquired a new position in QUALCOMM in the 4th quarter valued at $32,000. Finally, Cherry Tree Wealth Management LLC boosted its holdings in shares of QUALCOMM by 95.0% during the 4th quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after purchasing an additional 115 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

The stock’s fifty day moving average is $182.69 and its 200-day moving average is $160.20. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. The stock has a market cap of $233.74 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30.

QUALCOMM (NASDAQ:QCOMGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The business had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.32 billion. As a group, equities analysts anticipate that QUALCOMM Incorporated will post 7.83 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, May 30th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.62%. QUALCOMM’s dividend payout ratio (DPR) is 45.70%.

About QUALCOMM

(Get Free Report)

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.

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