Akash J. Palkhiwala Sells 3,333 Shares of QUALCOMM Incorporated (NASDAQ:QCOM) Stock

QUALCOMM Incorporated (NASDAQ:QCOM) CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the sale, the chief financial officer directly owned 46,446 shares in the company, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

QUALCOMM Trading Down 0.1%

NASDAQ:QCOM opened at $162.11 on Friday. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $211.09. The firm has a market capitalization of $177.99 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.09 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The business has a 50 day simple moving average of $151.05 and a 200 day simple moving average of $154.90.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The business had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same quarter in the previous year, the firm posted $2.44 EPS. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. Equities research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 5th were given a dividend of $0.89 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a yield of 2.20%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s payout ratio is currently 36.25%.

Wall Street Analysts Forecast Growth

QCOM has been the topic of a number of analyst reports. Wall Street Zen lowered QUALCOMM from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $225.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. Evercore ISI cut their price objective on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a report on Friday, May 2nd. Benchmark cut their price objective on QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Finally, Wells Fargo & Company dropped their target price on QUALCOMM from $175.00 to $140.00 and set an “underweight” rating on the stock in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $186.96.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kohmann Bosshard Financial Services LLC bought a new stake in QUALCOMM during the 4th quarter valued at $26,000. Banque Transatlantique SA bought a new stake in QUALCOMM during the 4th quarter valued at $26,000. Atlantic Edge Private Wealth Management LLC raised its stake in QUALCOMM by 70.0% during 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 acquiring an additional 70 shares in the last quarter. Vermillion & White Wealth Management Group LLC raised its stake in QUALCOMM by 122.4% during 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 acquiring an additional 93 shares in the last quarter. Finally, WFA Asset Management Corp bought a new stake in QUALCOMM during the 1st quarter valued at $27,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

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.