QUALCOMM (NASDAQ:QCOM) Trading Up 1.7% Following Dividend Announcement

Shares of QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) were up 1.7% during trading on Tuesday after the company announced a dividend. The stock traded as high as $139.07 and last traded at $138.51. Approximately 2,068,049 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 8,848,349 shares. The stock had previously closed at $136.14.

The newly announced dividend which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be issued a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This represents a $3.56 annualized dividend and a yield of 2.40%. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio (DPR) is currently 36.32%.

Wall Street Analyst Weigh In

QCOM has been the subject of a number of research reports. TD Cowen decreased their target price on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Barclays lowered their target price on QUALCOMM from $200.00 to $185.00 and set an "overweight" rating on the stock in a report on Friday, January 17th. Cantor Fitzgerald restated a "neutral" rating and set a $160.00 price target on shares of QUALCOMM in a research note on Thursday, February 6th. Evercore ISI reduced their price target on shares of QUALCOMM from $199.00 to $179.00 and set an "in-line" rating for the company in a research report on Thursday, February 6th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price objective on shares of QUALCOMM in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $201.21.

QUALCOMM Price Performance

The firm has a market cap of $164.31 billion, a PE ratio of 15.87, a PEG ratio of 2.01 and a beta of 1.28. The firm has a fifty day simple moving average of $150.11 and a two-hundred day simple moving average of $159.51. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. Equities analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Akash J. Palkhiwala sold 269 shares of QUALCOMM stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $131.10, for a total transaction of $35,265.90. Following the completion of the sale, the chief financial officer now owns 57,728 shares in the company, valued at $7,568,140.80. This trade represents a 0.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Alexander H. Rogers sold 19,287 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the transaction, the insider now directly owns 20,762 shares in the company, valued at approximately $3,526,010.46. This trade represents a 48.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,666 shares of company stock valued at $5,047,052 over the last 90 days. Insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On QUALCOMM

Several institutional investors have recently made changes to their positions in the company. Te Ahumairangi Investment Management Ltd raised its stake in QUALCOMM by 60.9% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 37,551 shares of the wireless technology company's stock worth $6,349,000 after buying an additional 14,213 shares in the last quarter. Anchor Investment Management LLC lifted its stake in shares of QUALCOMM by 2.2% during the 3rd quarter. Anchor Investment Management LLC now owns 34,700 shares of the wireless technology company's stock worth $5,901,000 after purchasing an additional 747 shares during the last quarter. World Investment Advisors LLC boosted its position in QUALCOMM by 304.0% during the third quarter. World Investment Advisors LLC now owns 45,166 shares of the wireless technology company's stock valued at $7,680,000 after purchasing an additional 33,985 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in QUALCOMM by 620.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 55,668 shares of the wireless technology company's stock valued at $9,466,000 after purchasing an additional 47,945 shares during the last quarter. Finally, Optimist Retirement Group LLC raised its holdings in QUALCOMM by 4.1% in the third quarter. Optimist Retirement Group LLC now owns 13,579 shares of the wireless technology company's stock worth $2,309,000 after purchasing an additional 531 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

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.