QUALCOMM (NASDAQ:QCOM) Stock Price Up 2.5% - Here's Why

Shares of QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) rose 2.5% during mid-day trading on Tuesday . The stock traded as high as $148.85 and last traded at $149.01. Approximately 1,570,188 shares changed hands during trading, a decline of 82% from the average daily volume of 8,820,967 shares. The stock had previously closed at $145.38.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on QCOM. TD Cowen dropped their price target on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Piper Sandler cut their price target on QUALCOMM from $205.00 to $190.00 and set an "overweight" rating on the stock in a research note on Thursday, February 6th. Citigroup reduced their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Susquehanna reduced their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research note on Thursday, May 1st. Finally, Evercore ISI reduced their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $192.08.

QUALCOMM Price Performance

The stock has a market capitalization of $163.00 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The firm has a 50 day moving average price of $145.20 and a 200 day moving average price of $155.99.

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

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be given a dividend of $0.89 per share. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.40%. QUALCOMM's dividend payout ratio is presently 36.25%.

Insider Activity

In related news, insider Heather S. Ace sold 1,600 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $154.24, for a total transaction of $246,784.00. Following the completion of the transaction, the insider now owns 24,393 shares in the company, valued at $3,762,376.32. The trade was a 6.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Akash J. Palkhiwala sold 1,781 shares of the business's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $132.10, for a total value of $235,270.10. Following the sale, the chief financial officer now owns 57,997 shares in the company, valued at $7,661,403.70. The trade was a 2.98% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,568 shares of company stock worth $1,818,305. Corporate insiders own 0.08% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. WFA Asset Management Corp purchased a new stake in shares of QUALCOMM during the first quarter worth about $27,000. Vermillion & White Wealth Management Group LLC grew its stake in shares of QUALCOMM by 122.4% in the 1st quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company's stock valued at $26,000 after buying an additional 93 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $26,000. Banque Transatlantique SA purchased a new stake in shares of QUALCOMM in the 4th quarter valued at $26,000. Finally, Atlantic Edge Private Wealth Management LLC grew its position in 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 valued at $26,000 after acquiring an additional 70 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.

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