QUALCOMM (NASDAQ:QCOM) Shares Up 1.1% on Analyst Upgrade

QUALCOMM Incorporated (NASDAQ:QCOM) traded up 1.1% during trading on Tuesday after Argus raised their price target on the stock from $180.00 to $205.00. Argus currently has a buy rating on the stock. QUALCOMM traded as high as $184.22 and last traded at $183.86. 1,228,921 shares changed hands during trading, a decline of 86% from the average session volume of 8,646,998 shares. The stock had previously closed at $181.85.

Several other research firms also recently commented on QCOM. TD Cowen raised their price objective on shares of QUALCOMM from $160.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Rosenblatt Securities upped their price target on QUALCOMM from $160.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Morgan Stanley boosted their price objective 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. Canaccord Genuity Group raised their price target on shares of QUALCOMM from $180.00 to $206.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, Mizuho upped their price target on shares of QUALCOMM from $160.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $180.48.

Insiders Place Their Bets

In other news, CEO Cristiano R. Amon sold 8,100 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $159.50, for a total transaction of $1,291,950.00. Following the transaction, the chief executive officer now directly owns 24,300 shares of the company’s stock, valued at $3,875,850. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Neil Martin sold 371 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the completion of the transaction, the chief accounting officer now owns 689 shares in the company, valued at approximately $103,232.87. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Cristiano R. Amon sold 8,100 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $159.50, for a total transaction of $1,291,950.00. Following the completion of the sale, the chief executive officer now owns 24,300 shares in the company, valued at approximately $3,875,850. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,316 shares of company stock worth $7,796,128. 0.08% of the stock is currently owned by company insiders.

Institutional Trading of QUALCOMM

Several hedge funds and other institutional investors have recently made changes to their positions in QCOM. Financial Gravity Asset Management Inc. increased its stake in QUALCOMM by 102.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 122 shares in the last quarter. WFA Asset Management Corp purchased a new stake in QUALCOMM during the 1st quarter valued at $27,000. CarsonAllaria Wealth Management Ltd. raised its stake in shares of QUALCOMM by 327.1% in 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 during the last quarter. DiNuzzo Private Wealth Inc. bought a new position in shares of QUALCOMM during the fourth quarter valued at $32,000. Finally, Cherry Tree Wealth Management LLC boosted its position in shares of QUALCOMM by 95.0% during the fourth quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock valued at $34,000 after buying an additional 115 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

The firm has a fifty day moving average of $168.62 and a 200 day moving average of $148.09. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $201.05 billion, a P/E ratio of 24.21, a P/E/G ratio of 2.27 and a beta of 1.33.

QUALCOMM Increases Dividend

The business also recently disclosed 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. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Thursday, May 30th. QUALCOMM’s payout ratio is presently 43.01%.

About QUALCOMM

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.