QUALCOMM (NASDAQ:QCOM) Shares Up 1.4% - Here's Why

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report)'s stock price traded up 1.4% on Wednesday . The stock traded as high as $161.93 and last traded at $161.37. 2,557,370 shares traded hands during trading, a decline of 71% from the average session volume of 8,728,963 shares. The stock had previously closed at $159.13.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. TD Cowen reduced their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a report on Friday, May 9th. Cantor Fitzgerald reiterated a "neutral" rating and set a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Citigroup reduced their price target on QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Finally, Susquehanna reduced 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. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, QUALCOMM currently has an average rating of "Hold" and a consensus price target of $189.88.

QUALCOMM Trading Down 2.5%

The company has a market capitalization of $169.88 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 2.01 and a beta of 1.26. The business has a fifty day moving average price of $145.85 and a 200 day moving average price of $155.15. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly 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 return on equity of 39.51% and a net margin of 25.94%. The company had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same period in the previous year, the company earned $2.44 earnings per share. The company's quarterly revenue was up 17.0% compared to the same quarter last year. On average, equities analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be paid a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.30%. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. QUALCOMM's dividend payout ratio is presently 36.25%.

Insider Activity at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total value of $486,951.30. Following the completion of the transaction, the chief financial officer now owns 49,779 shares of the company's stock, valued at $7,272,711.90. The trade was a 6.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 423,464 shares of company stock worth $8,135,164. 0.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $26,000. Banque Transatlantique SA acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $26,000. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of 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 purchasing an additional 70 shares in the last quarter. Vermillion & White Wealth Management Group LLC boosted 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 purchasing an additional 93 shares in the last quarter. Finally, WFA Asset Management Corp acquired a new stake in shares of QUALCOMM in the 1st quarter valued at $27,000. 74.35% of the stock is owned by 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.