QUALCOMM (NASDAQ:QCOM) Trading Up 2.3% Following Dividend Announcement

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) shares rose 2.3% during trading on Monday following a dividend announcement from the company. The stock traded as high as $159.25 and last traded at $158.43. Approximately 1,913,600 shares were traded during trading, a decline of 77% from the average daily volume of 8,455,023 shares. The stock had previously closed at $154.80.

The newly announced dividend which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio is presently 36.25%.

Analyst Upgrades and Downgrades

QCOM has been the topic of a number of research reports. Wall Street Zen cut QUALCOMM from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Rosenblatt Securities reiterated a "buy" rating and issued a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Loop Capital lowered their price target on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. TD Cowen lowered their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Finally, Robert W. Baird lowered their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, QUALCOMM presently has a consensus rating of "Hold" and an average target price of $184.86.

QUALCOMM Stock Down 0.6%

The business's fifty day simple moving average is $154.35 and its 200 day simple moving average is $155.05. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. The stock has a market cap of $174.43 billion, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 2.04 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The firm had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same quarter in the previous year, the business earned $2.44 EPS. The business's quarterly revenue was up 17.0% compared to the same quarter last year. Equities analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the transaction, the insider directly owned 22,793 shares in the company, valued at $3,139,507.82. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 424,099 shares of company stock valued at $8,310,735. 0.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On QUALCOMM

A number of hedge funds have recently modified their holdings of the business. OVERSEA CHINESE BANKING Corp Ltd lifted its position in QUALCOMM by 565.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock valued at $19,098,000 after acquiring an additional 105,631 shares in the last quarter. Teza Capital Management LLC bought a new stake in QUALCOMM in the 4th quarter valued at $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in QUALCOMM by 3.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock valued at $28,979,000 after acquiring an additional 6,017 shares in the last quarter. Kanawha Capital Management LLC lifted its position in QUALCOMM by 1.9% in the 1st quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock valued at $13,120,000 after acquiring an additional 1,573 shares in the last quarter. Finally, First Foundation Advisors lifted its position in QUALCOMM by 41.2% in the 4th quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company's stock valued at $24,083,000 after acquiring an additional 45,769 shares in the last quarter. Institutional investors and hedge funds 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.