QUALCOMM (NASDAQ:QCOM) Stock Price Up 2.3% After Dividend Announcement

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report)'s share price rose 2.3% on Monday following a dividend announcement from the company. The company traded as high as $159.25 and last traded at $158.43. Approximately 1,913,600 shares traded hands 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 $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.25%. QUALCOMM's dividend payout ratio is currently 36.25%.

Analysts Set New Price Targets

Several analysts have commented on QCOM shares. Susquehanna lowered their price target on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a report on Thursday, May 1st. Robert W. Baird lowered their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Wall Street Zen cut QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Loop Capital lowered their price target on QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Finally, Rosenblatt Securities restated a "buy" rating and issued a $225.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $184.86.

QUALCOMM Price Performance

The stock has a 50-day simple moving average of $153.95 and a 200 day simple moving average of $154.99. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The company has a market cap of $173.86 billion, a P/E ratio of 16.13, a P/E/G ratio of 1.99 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The business's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.44 EPS. On average, equities analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the sale, the chief financial officer directly owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock valued at $8,310,735 over the last three months. Company insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On QUALCOMM

Institutional investors have recently made changes to their positions in the stock. Eagle Strategies LLC grew its stake in QUALCOMM by 4.3% in the fourth quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock valued at $219,000 after acquiring an additional 59 shares during the period. Clark Capital Management Group Inc. grew its stake in QUALCOMM by 3.6% in the fourth quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock valued at $264,000 after acquiring an additional 59 shares during the period. Capital Advantage Inc. grew its stake in QUALCOMM by 2.8% in the second quarter. Capital Advantage Inc. now owns 2,353 shares of the wireless technology company's stock valued at $375,000 after acquiring an additional 64 shares during the period. Rise Advisors LLC grew its stake in QUALCOMM by 6.7% in the first quarter. Rise Advisors LLC now owns 1,048 shares of the wireless technology company's stock valued at $161,000 after acquiring an additional 66 shares during the period. Finally, Bell Investment Advisors Inc grew its stake in QUALCOMM by 4.6% in the first quarter. Bell Investment Advisors Inc now owns 1,504 shares of the wireless technology company's stock valued at $231,000 after acquiring an additional 66 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.