Qualcomm Inc. (NASDAQ:QCOM) hit a new 52-week high during trading on Thursday . The company traded as high as $63.04 and last traded at $63.04, with a volume of 8,244,673 shares. The stock had previously closed at $62.28.

QCOM has been the subject of a number of recent research reports. Bank of America Corp. reiterated a “buy” rating on shares of Qualcomm in a report on Monday, July 18th. Brean Capital reiterated a “buy” rating on shares of Qualcomm in a report on Thursday, April 21st. Wells Fargo & Co. reiterated an “outperform” rating and set a $65.00 price target on shares of Qualcomm in a report on Sunday, July 24th. KeyCorp reiterated a “buy” rating and set a $59.00 price target on shares of Qualcomm in a report on Wednesday, July 6th. Finally, Canaccord Genuity lifted their price target on shares of Qualcomm from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, July 21st. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $61.67.

The company has a market capitalization of $92.90 billion and a price-to-earnings ratio of 18.46. The firm has a 50 day moving average of $58.66 and a 200-day moving average of $53.24.

Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.97 by $0.19. During the same period last year, the business earned $0.99 earnings per share. The firm earned $5.60 billion during the quarter, compared to the consensus estimate of $5.57 billion. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts forecast that Qualcomm Inc. will post $4.29 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st will be given a $0.53 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.36%.

In related news, EVP Matthew S. Grob sold 33,000 shares of the firm’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $59.85, for a total value of $1,975,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Matthew S. Grob sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $55.25, for a total value of $552,500.00. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have recently modified their holdings of the company. Amica Pension Fund Board of Trustees boosted its position in shares of Qualcomm by 17.9% in the fourth quarter. Amica Pension Fund Board of Trustees now owns 84,057 shares of the wireless technology company’s stock valued at $4,202,000 after buying an additional 12,788 shares during the period. Amica Mutual Insurance Co. raised its position in Qualcomm by 15.2% in the fourth quarter. Amica Mutual Insurance Co. now owns 136,397 shares of the wireless technology company’s stock valued at $6,818,000 after buying an additional 17,975 shares in the last quarter. Davidson & Garrard Inc. raised its position in Qualcomm by 3.0% in the fourth quarter. Davidson & Garrard Inc. now owns 62,093 shares of the wireless technology company’s stock valued at $3,104,000 after buying an additional 1,793 shares in the last quarter. Norinchukin Bank The raised its position in Qualcomm by 21.3% in the fourth quarter. Norinchukin Bank The now owns 204,648 shares of the wireless technology company’s stock valued at $10,229,000 after buying an additional 35,876 shares in the last quarter. Finally, Jackson Park Capital LLC raised its position in Qualcomm by 22.0% in the fourth quarter. Jackson Park Capital LLC now owns 61,000 shares of the wireless technology company’s stock valued at $3,049,000 after buying an additional 11,000 shares in the last quarter.

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.

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