QUALCOMM (NASDAQ:QCOM) Stock Price Up 0.2% After Analyst Upgrade

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price traded up 0.2% during mid-day trading on Wednesday 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 $180.71 and last traded at $180.56. 2,194,854 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 8,650,377 shares. The stock had previously closed at $180.15.

Other analysts have also issued reports about the stock. Benchmark reiterated a “buy” rating and issued a $200.00 price target on shares of QUALCOMM in a research note on Friday, May 3rd. StockNews.com upgraded shares of QUALCOMM from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Wolfe Research lifted their price target on shares of QUALCOMM from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Bank of America lifted their price target on shares of QUALCOMM from $173.00 to $180.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Finally, HSBC lifted their price target on shares of QUALCOMM from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $180.48.

Insiders Place Their Bets

In other news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $182.00, for a total value of $1,456,000.00. Following the transaction, the chief technology officer now owns 253,893 shares of the company’s stock, valued at $46,208,526. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other QUALCOMM news, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the sale, the chief accounting officer now owns 689 shares of the company’s stock, valued at approximately $103,232.87. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $182.00, for a total value of $1,456,000.00. Following the transaction, the chief technology officer now owns 253,893 shares of the company’s stock, valued at $46,208,526. The disclosure for this sale can be found here. Insiders sold 46,316 shares of company stock worth $7,796,128 in the last three months. 0.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On QUALCOMM

Hedge funds have recently bought and sold shares of the business. Berkshire Money Management Inc. bought a new stake in shares of QUALCOMM in the 1st quarter worth about $356,000. Doheny Asset Management CA lifted its stake in shares of QUALCOMM by 8.0% in the 1st quarter. Doheny Asset Management CA now owns 17,803 shares of the wireless technology company’s stock valued at $3,014,000 after purchasing an additional 1,312 shares during the last quarter. Bleakley Financial Group LLC lifted its stake in shares of QUALCOMM by 1.6% in the 1st quarter. Bleakley Financial Group LLC now owns 34,307 shares of the wireless technology company’s stock valued at $5,808,000 after purchasing an additional 541 shares during the last quarter. Great Diamond Partners LLC boosted its holdings in shares of QUALCOMM by 2.6% in the 1st quarter. Great Diamond Partners LLC now owns 3,112 shares of the wireless technology company’s stock worth $527,000 after purchasing an additional 78 shares during the period. Finally, ProShare Advisors LLC increased its position in shares of QUALCOMM by 20.7% during the 1st quarter. ProShare Advisors LLC now owns 1,466,915 shares of the wireless technology company’s stock valued at $248,349,000 after purchasing an additional 251,417 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Performance

The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. The business has a 50-day moving average of $168.62 and a 200-day moving average of $148.09. The company has a market capitalization of $201.49 billion, a P/E ratio of 24.27, a P/E/G ratio of 2.27 and a beta of 1.33.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be paid a dividend of $0.85 per share. The ex-dividend date is Thursday, May 30th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.88%. QUALCOMM’s payout ratio is currently 45.70%.

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.