QUALCOMM (NASDAQ:QCOM) Stock Price Up 1.3% - Here's What Happened

Key Points

• QUALCOMM's stock price increased by 1.3% during trading, reaching a last traded price of $147.80, with a significant decline in trading volume compared to its average.
• Analysts have recently revised their price targets for QUALCOMM, with estimates ranging from $190.00 to $250.00, reflecting a mix of ratings that include one sell, twelve holds, and eleven buys.
• QUALCOMM announced a quarterly dividend of $0.89 per share, which will be paid on September 25th, yielding an annualized rate of 2.4%.

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report)'s stock price rose 1.3% during mid-day trading on Friday . The company traded as high as $148.02 and last traded at $147.80. Approximately 1,062,370 shares traded hands during trading, a decline of 87% from the average daily volume of 8,470,067 shares. The stock had previously closed at $145.90.

Analyst Upgrades and Downgrades

QCOM has been the topic of a number of analyst reports. Susquehanna dropped their price target on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research note on Thursday, May 1st. Robert W. Baird cut their target price on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a report on Friday, May 9th. Benchmark decreased their price objective on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a research report on Sunday, August 3rd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $181.10.

QUALCOMM Stock Up 1.0%

The stock has a market capitalization of $158.94 billion, a P/E ratio of 14.20, a P/E/G ratio of 2.13 and a beta of 1.23. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38. The firm has a 50-day simple moving average of $155.03 and a 200 day simple moving average of $154.45.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.71 by $0.06. The firm had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The business's quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.33 EPS. On average, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio (DPR) is currently 34.33%.

Insider Buying and Selling

In related news, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $146.40, for a total transaction of $234,240.00. Following the completion of the sale, the insider owned 21,193 shares in the company, valued at approximately $3,102,655.20. This represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $148.10, for a total transaction of $493,617.30. Following the transaction, the chief financial officer directly owned 43,207 shares in the company, valued at $6,398,956.70. The trade was a 7.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 424,099 shares of company stock worth $8,352,355 in the last quarter. Insiders own 0.08% of the company's stock.

Institutional Trading of QUALCOMM

Large investors have recently bought and sold shares of the company. WFA Asset Management Corp purchased a new position in QUALCOMM during the first quarter worth about $27,000. Vermillion & White Wealth Management Group LLC grew its holdings 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 worth $26,000 after purchasing an additional 93 shares in the last quarter. Banque Transatlantique SA bought a new position in shares of QUALCOMM in the fourth quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC raised its stake in QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after purchasing an additional 70 shares in the last quarter. Finally, Sunbeam Capital Management LLC bought a new stake in QUALCOMM during the fourth quarter valued at approximately $29,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

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.

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