Qualcomm Inc. (NASDAQ:QCOM)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $63.04 and last traded at $63.04, with a volume of 8,244,673 shares changing hands. The stock had previously closed at $62.28.

Several research firms have recently issued reports on QCOM. Vetr lowered shares of Qualcomm from a “hold” rating to a “sell” rating and set a $60.68 target price for the company. in a report on Monday, August 1st. Morgan Stanley reiterated an “overweight” rating and set a $65.00 target price on shares of Qualcomm in a report on Wednesday. Canaccord Genuity reiterated a “buy” rating and set a $70.00 target price on shares of Qualcomm in a report on Monday, August 15th. Wells Fargo & Co. reiterated an “outperform” rating and set a $65.00 target price on shares of Qualcomm in a report on Sunday, July 24th. Finally, Brean Capital reiterated a “hold” rating on shares of Qualcomm in a report on Sunday, July 24th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $61.67.

The company’s 50 day moving average price is $58.92 and its 200-day moving average price is $53.36. The stock has a market capitalization of $92.49 billion and a P/E ratio of 18.38.

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

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Monday, August 29th.

In related news, EVP Matthew S. Grob sold 33,000 shares of Qualcomm stock in a transaction that occurred on Thursday, July 21st. The shares were 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 is available at the SEC website. Also, Director Raymond V. Dittamore sold 7,000 shares of Qualcomm stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $61.00, for a total transaction of $427,000.00. Following the completion of the transaction, the director now owns 12,765 shares of the company’s stock, valued at approximately $778,665. The disclosure for this sale can be found here.

Several hedge funds and institutional investors have made changes to their positions in QCOM. Condor Capital Management boosted its position in shares of Qualcomm by 2.1% in the fourth quarter. Condor Capital Management now owns 23,981 shares of the wireless technology company’s stock worth $1,199,000 after buying an additional 497 shares during the period. Clifford Swan Investment Counsel LLC boosted its position in shares of Qualcomm by 0.3% in the fourth quarter. Clifford Swan Investment Counsel LLC now owns 226,560 shares of the wireless technology company’s stock worth $11,325,000 after buying an additional 667 shares during the period. TrimTabs Asset Management LLC boosted its position in shares of Qualcomm by 1.9% in the fourth quarter. TrimTabs Asset Management LLC now owns 35,991 shares of the wireless technology company’s stock worth $1,799,000 after buying an additional 674 shares during the period. Azimuth Capital Management LLC boosted its position in shares of Qualcomm by 2.7% in the fourth quarter. Azimuth Capital Management LLC now owns 26,425 shares of the wireless technology company’s stock worth $1,321,000 after buying an additional 695 shares during the period. Finally, Tradition Capital Management LLC boosted its position in shares of Qualcomm by 2.2% in the fourth quarter. Tradition Capital Management LLC now owns 81,777 shares of the wireless technology company’s stock worth $4,087,000 after buying an additional 1,761 shares during the period.

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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