QUALCOMM (NASDAQ:QCOM) Stock Price Up 1.1% After Analyst Upgrade

QUALCOMM Incorporated (NASDAQ:QCOM) shares shot up 1.1% 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. 1,228,921 shares traded hands during trading, a decline of 86% from the average session volume of 8,646,998 shares. The stock had previously closed at $181.85.

A number of other research analysts have also recently issued reports on the company. Robert W. Baird lifted their price objective on QUALCOMM from $160.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Mizuho boosted their price target on shares of QUALCOMM from $160.00 to $180.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Canaccord Genuity Group raised their price objective on shares of QUALCOMM from $180.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Bank of America boosted their target price on QUALCOMM from $173.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, KeyCorp raised their price target on QUALCOMM from $180.00 to $205.00 and gave the company an “overweight” rating in a report on Monday, April 8th. One equities 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 stock. According to data from MarketBeat, QUALCOMM currently has an average rating of “Moderate Buy” and a consensus target price of $180.48.

Insiders Place Their Bets

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $182.00, for a total value of $1,456,000.00. Following the completion of the sale, the chief technology officer now directly owns 253,893 shares in the company, valued at $46,208,526. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $182.00, for a total transaction of $1,456,000.00. Following the sale, the chief technology officer now directly owns 253,893 shares in the company, valued at $46,208,526. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Neil Martin sold 371 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the completion of the transaction, the chief accounting officer now directly owns 689 shares of the company’s stock, valued at $103,232.87. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,316 shares of company stock worth $7,796,128. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On QUALCOMM

Large investors have recently bought and sold shares of the company. Chicago Partners Investment Group LLC grew its stake in QUALCOMM by 18.3% in the third quarter. Chicago Partners Investment Group LLC now owns 8,512 shares of the wireless technology company’s stock valued at $925,000 after purchasing an additional 1,316 shares in the last quarter. Graypoint LLC grew its stake in shares of QUALCOMM by 10.5% in the third quarter. Graypoint LLC now owns 4,627 shares of the wireless technology company’s stock valued at $514,000 after buying an additional 441 shares in the last quarter. Gratus Capital LLC increased its holdings in QUALCOMM by 42.1% during the third quarter. Gratus Capital LLC now owns 6,468 shares of the wireless technology company’s stock worth $718,000 after buying an additional 1,917 shares during the last quarter. Whittier Trust Co. raised its position in QUALCOMM by 7.9% during the third quarter. Whittier Trust Co. now owns 38,609 shares of the wireless technology company’s stock worth $4,288,000 after acquiring an additional 2,832 shares in the last quarter. Finally, Parcion Private Wealth LLC lifted its stake in QUALCOMM by 61.3% in the third quarter. Parcion Private Wealth LLC now owns 3,421 shares of the wireless technology company’s stock valued at $380,000 after acquiring an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Trading Up 0.2 %

The company has a market cap 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. The business’s 50-day moving average price is $168.62 and its 200 day moving average price is $148.09. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.98 and a current ratio of 2.65.

QUALCOMM Increases Dividend

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