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

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price shot up 0.2% during 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 were traded 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.

QCOM has been the topic of a number of other reports. Rosenblatt Securities lifted their target price on shares of QUALCOMM from $160.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Mizuho lifted their price objective 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 lifted their price objective on shares of QUALCOMM from $180.00 to $206.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Piper Sandler lifted their price objective on shares of QUALCOMM from $165.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Finally, Barclays lifted their price objective on shares of QUALCOMM from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.48.

Insider Buying and Selling

In related news, CEO Cristiano R. Amon sold 8,100 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $159.50, for a total value of $1,291,950.00. Following the completion of the transaction, the chief executive officer now owns 24,300 shares of the company’s stock, valued at approximately $3,875,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction dated 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 transaction, 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 available at this hyperlink. Also, CEO Cristiano R. Amon sold 8,100 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $159.50, for a total transaction of $1,291,950.00. Following the transaction, the chief executive officer now directly owns 24,300 shares of the company’s stock, valued at approximately $3,875,850. The disclosure for this sale can be found here. Insiders have sold 46,316 shares of company stock worth $7,796,128 in the last three months. Corporate insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Financial Gravity Asset Management Inc. increased its stake in shares of QUALCOMM by 102.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after acquiring an additional 122 shares during the last quarter. WFA Asset Management Corp acquired a new stake in QUALCOMM during the 1st quarter worth approximately $27,000. CarsonAllaria Wealth Management Ltd. increased its position in QUALCOMM by 327.1% during the 4th quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after purchasing an additional 157 shares in the last quarter. DiNuzzo Private Wealth Inc. acquired a new stake in QUALCOMM during the 4th quarter worth approximately $32,000. Finally, Cherry Tree Wealth Management LLC increased its position in QUALCOMM by 95.0% during the 4th quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after purchasing an additional 115 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Stock Performance

The stock’s 50-day moving average is $168.62 and its 200-day moving average is $148.09. The stock has a market cap of $201.49 billion, a price-to-earnings ratio of 24.27, a P/E/G ratio of 2.27 and a beta of 1.33. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59.

QUALCOMM Increases Dividend

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

QUALCOMM Company Profile

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.