QUALCOMM (NASDAQ:QCOM) Shares Up 1.1% Following Analyst Upgrade

QUALCOMM Incorporated (NASDAQ:QCOM) was up 1.1% during mid-day trading on Tuesday after Argus raised their price target on the stock from $180.00 to $205.00. Argus currently has a buy rating on the stock. QUALCOMM traded as high as $184.22 and last traded at $183.86. Approximately 1,228,921 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 8,646,998 shares. The stock had previously closed at $181.85.

Other equities research analysts have also issued reports about the company. Evercore ISI initiated coverage on QUALCOMM in a research report on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 price target for the company. Piper Sandler raised their target price on QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. KeyCorp lifted their price target on QUALCOMM from $180.00 to $205.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Cantor Fitzgerald reissued a “neutral” rating and issued a $190.00 price objective on shares of QUALCOMM in a report on Thursday, May 2nd. Finally, Canaccord Genuity Group lifted their target price on shares of QUALCOMM from $180.00 to $206.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, QUALCOMM presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.48.

Insider Activity

In other QUALCOMM news, Director Sylvia Acevedo sold 2,056 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $178.21, for a total value of $366,399.76. Following the completion of the transaction, the director now owns 54 shares of the company’s stock, valued at approximately $9,623.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Sylvia Acevedo sold 2,056 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $178.21, for a total transaction of $366,399.76. Following the completion of the transaction, the director now directly owns 54 shares of the company’s stock, valued at $9,623.34. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Neil Martin sold 371 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total transaction of $55,586.93. Following the completion of the sale, the chief accounting officer now directly owns 689 shares in the company, valued at approximately $103,232.87. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,316 shares of company stock valued at $7,796,128. 0.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On QUALCOMM

Several large investors have recently bought and sold shares of the business. Grandview Asset Management LLC lifted its holdings in QUALCOMM by 2.3% during the 1st quarter. Grandview Asset Management LLC now owns 2,730 shares of the wireless technology company’s stock valued at $462,000 after purchasing an additional 62 shares during the last quarter. Tealwood Asset Management Inc. raised its stake in shares of QUALCOMM by 0.6% in the first quarter. Tealwood Asset Management Inc. now owns 9,899 shares of the wireless technology company’s stock valued at $1,676,000 after acquiring an additional 63 shares during the last quarter. VERITY Wealth Advisors boosted its holdings in shares of QUALCOMM by 0.8% in the 1st quarter. VERITY Wealth Advisors now owns 7,795 shares of the wireless technology company’s stock worth $1,320,000 after acquiring an additional 64 shares in the last quarter. SlateStone Wealth LLC grew its position in QUALCOMM by 1.7% during the 1st quarter. SlateStone Wealth LLC now owns 3,874 shares of the wireless technology company’s stock worth $656,000 after acquiring an additional 65 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC increased its holdings in QUALCOMM by 1.2% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 5,745 shares of the wireless technology company’s stock valued at $831,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Trading Down 0.9 %

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.98 and a current ratio of 2.65. The stock has a market cap of $201.05 billion, a P/E ratio of 24.59, a P/E/G ratio of 2.27 and a beta of 1.33. The company has a 50-day simple moving average of $168.19 and a 200-day simple moving average of $147.58.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th will be paid a dividend of $0.85 per share. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Thursday, May 30th. QUALCOMM’s dividend payout ratio is 43.01%.

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.