Akash J. Palkhiwala Sells 3,333 Shares of QUALCOMM Incorporated (NASDAQ:QCOM) Stock

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total transaction of $486,951.30. Following the transaction, the chief financial officer now directly owns 49,779 shares of the company's stock, valued at approximately $7,272,711.90. This represents a 6.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

QUALCOMM Trading Up 1.4%

QUALCOMM stock traded up $2.11 during mid-day trading on Friday, reaching $149.67. 2,188,784 shares of the company traded hands, compared to its average volume of 8,703,650. The firm's 50 day moving average price is $143.69 and its 200 day moving average price is $155.22. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63. 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 $164.33 billion, a price-to-earnings ratio of 15.99, a P/E/G ratio of 2.01 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The company had revenue of $10.98 billion for the quarter, compared to analysts' expectations of $10.58 billion. During the same quarter in the previous year, the company earned $2.44 earnings per share. QUALCOMM's quarterly revenue was up 17.0% on a year-over-year basis. On average, analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The company 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 $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Thursday, June 5th. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio (DPR) is presently 36.25%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on QCOM. Piper Sandler cut their target price on shares of QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. TD Cowen cut their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Rosenblatt Securities reissued a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research report on Friday, May 9th. Finally, Benchmark reduced their price target on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, QUALCOMM presently has an average rating of "Hold" and a consensus price target of $189.88.

Institutional Investors Weigh In On QUALCOMM

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WFA Asset Management Corp bought a new position in shares of QUALCOMM in the 1st quarter worth about $27,000. Vermillion & White Wealth Management Group LLC increased its stake in shares of QUALCOMM by 122.4% during the first quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company's stock valued at $26,000 after purchasing an additional 93 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in shares of QUALCOMM during the fourth quarter valued at approximately $26,000. Banque Transatlantique SA purchased a new position in shares of QUALCOMM during the fourth quarter valued at approximately $26,000. Finally, Atlantic Edge Private Wealth Management LLC boosted its position in shares of QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after purchasing an additional 70 shares in 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.