QUALCOMM (NASDAQ:QCOM) Trading 1.8% Higher on Analyst Upgrade

Key Points

• QUALCOMM's stock rose by 1.8% following an upgrade from JPMorgan Chase & Co., increasing their price target from $190 to $200 while currently holding an overweight rating on the stock.
• Several analysts have mixed opinions on QUALCOMM, with ratings varying from buy to underweight, and an average price target of $185.32 based on recent assessments.
• The company announced a quarterly dividend of $0.89 per share, yielding 2.21%, to be paid on September 25th to shareholders of record on September 4th.

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report)'s share price traded up 1.8% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $190.00 to $200.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. QUALCOMM traded as high as $160.98 and last traded at $161.21. 1,854,298 shares changed hands during trading, a decline of 78% from the average session volume of 8,292,816 shares. The stock had previously closed at $158.40.

A number of other equities research analysts also recently commented on the company. Wells Fargo & Company lowered their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. TD Cowen lowered their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Seaport Res Ptn raised QUALCOMM to a "hold" rating in a research report on Friday, May 9th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $150.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, QUALCOMM currently has an average rating of "Hold" and an average price target of $185.32.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the transaction, the insider directly owned 22,793 shares of the company's stock, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 424,099 shares of company stock valued at $8,310,735. 0.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On QUALCOMM

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Brighton Jones LLC lifted its position in QUALCOMM by 116.6% in the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company's stock worth $2,666,000 after purchasing an additional 9,343 shares during the period. Revolve Wealth Partners LLC lifted its position in shares of QUALCOMM by 15.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company's stock valued at $391,000 after acquiring an additional 340 shares during the last quarter. RiverFront Investment Group LLC lifted its position in shares of QUALCOMM by 16.6% during the 4th quarter. RiverFront Investment Group LLC now owns 2,526 shares of the wireless technology company's stock valued at $388,000 after acquiring an additional 360 shares during the last quarter. Brown Brothers Harriman & Co. raised its stake in QUALCOMM by 3.9% during the 4th quarter. Brown Brothers Harriman & Co. now owns 26,693 shares of the wireless technology company's stock valued at $4,101,000 after purchasing an additional 1,000 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in shares of QUALCOMM by 9.5% in the fourth quarter. Schroder Investment Management Group now owns 1,668,206 shares of the wireless technology company's stock valued at $256,270,000 after purchasing an additional 144,658 shares in the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

QUALCOMM Stock Up 1.8%

The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The firm has a market cap of $177.13 billion, a PE ratio of 16.43, a P/E/G ratio of 2.04 and a beta of 1.26. The business has a fifty day moving average price of $154.60 and a two-hundred day moving average price of $154.97.

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

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be issued a dividend of $0.89 per share. The ex-dividend date is Thursday, September 4th. This represents a $3.56 annualized dividend and a dividend yield of 2.21%. QUALCOMM's dividend payout ratio is 36.25%.

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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