QUALCOMM (NASDAQ:QCOM) Shares Up 1.7% After Dividend Announcement

Shares of QUALCOMM Incorporated (NASDAQ:QCOM) traded up 1.7% on Tuesday following a dividend announcement from the company. The company traded as high as $139.07 and last traded at $138.51. 2,068,049 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 8,848,349 shares. The stock had previously closed at $136.14.

The newly announced dividend which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.89 per share. The ex-dividend date is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a yield of 2.57%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s payout ratio is presently 36.32%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on QCOM shares. Barclays decreased their price objective on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price target on shares of QUALCOMM in a research note on Thursday, February 6th. TD Cowen reduced their target price on QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Piper Sandler dropped their target price on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Finally, Mizuho decreased their price target on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, QUALCOMM currently has a consensus rating of “Hold” and a consensus target price of $201.21.

QUALCOMM Stock Up 1.8 %

The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The business has a 50-day moving average price of $152.41 and a 200 day moving average price of $160.05. The stock has a market capitalization of $153.21 billion, a P/E ratio of 14.80, a P/E/G ratio of 2.01 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. On average, equities analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

Insider Transactions at QUALCOMM

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $154.24, for a total transaction of $246,784.00. Following the sale, the insider now directly owns 24,393 shares of the company’s stock, valued at approximately $3,762,376.32. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 648 shares of QUALCOMM stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $141.11, for a total value of $91,439.28. Following the transaction, the chief financial officer now owns 56,445 shares of the company’s stock, valued at approximately $7,964,953.95. This represents a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,666 shares of company stock worth $5,047,052. Insiders own 0.08% of the company’s stock.

Institutional Trading of QUALCOMM

A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of QUALCOMM during the fourth quarter worth approximately $2,721,882,000. Amundi boosted its position in QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock worth $2,313,634,000 after acquiring an additional 3,905,918 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in QUALCOMM in the 4th quarter valued at about $527,053,000. GAMMA Investing LLC boosted its holdings in shares of QUALCOMM by 20,700.4% during the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company’s stock worth $501,192,000 after purchasing an additional 3,247,068 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in QUALCOMM by 12.7% during the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company’s stock worth $2,041,535,000 after buying an additional 1,493,076 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

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.