QUALCOMM (NASDAQ:QCOM) Shares Up 0.1% After Analyst Upgrade

Shares of QUALCOMM Incorporated (NASDAQ:QCOMGet Free Report) were up 0.1% on Wednesday after KeyCorp raised their price target on the stock from $205.00 to $225.00. KeyCorp currently has an overweight rating on the stock. QUALCOMM traded as high as $209.10 and last traded at $207.33. Approximately 1,071,916 shares changed hands during trading, a decline of 88% from the average daily volume of 9,153,311 shares. The stock had previously closed at $207.12.

Other research analysts have also recently issued reports about the stock. Canaccord Genuity Group lifted their price target 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. Evercore ISI started coverage on shares of QUALCOMM in a research report on Tuesday, April 16th. They set an “in-line” rating and a $177.00 target price on the stock. Benchmark reissued a “buy” rating and set a $200.00 target price on shares of QUALCOMM in a research report on Friday, May 3rd. Mizuho boosted their target price on shares of QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Finally, Piper Sandler boosted their target price on shares of QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $192.96.

Read Our Latest Stock Report on QUALCOMM

Insider Buying and Selling at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the transaction, the chief financial officer now owns 60,343 shares in the company, valued at $12,407,124.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $205.61, for a total value of $616,830.00. Following the completion of the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Neil Martin sold 1,116 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total transaction of $218,858.76. Following the completion of the sale, the chief accounting officer now directly owns 358 shares of the company’s stock, valued at approximately $70,207.38. The disclosure for this sale can be found here. Insiders sold a total of 45,185 shares of company stock worth $8,552,835 over the last 90 days. Insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On QUALCOMM

Several institutional investors have recently bought and sold shares of QCOM. WFA Asset Management Corp acquired a new stake in QUALCOMM in the 1st quarter valued at about $27,000. CarsonAllaria Wealth Management Ltd. lifted its holdings in QUALCOMM by 327.1% in the 4th quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock valued at $30,000 after acquiring an additional 157 shares during the last quarter. DiNuzzo Private Wealth Inc. acquired a new stake in QUALCOMM in the 4th quarter valued at about $32,000. Cherry Tree Wealth Management LLC lifted its holdings in QUALCOMM by 95.0% in the 4th quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock valued at $34,000 after acquiring an additional 115 shares during the last quarter. Finally, Fortitude Family Office LLC acquired a new stake in QUALCOMM in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Stock Up 0.8 %

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.98 and a current ratio of 2.65. The company has a market capitalization of $233.02 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.53 and a beta of 1.27. The stock’s fifty day simple moving average is $202.30 and its two-hundred day simple moving average is $172.96.

QUALCOMM (NASDAQ:QCOMGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The company had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.32 billion. On average, sell-side analysts anticipate that QUALCOMM Incorporated will post 7.85 EPS for the current year.

QUALCOMM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th were paid a dividend of $0.85 per share. The ex-dividend date of this dividend was Thursday, May 30th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a yield of 1.63%. QUALCOMM’s dividend payout ratio is currently 45.70%.

QUALCOMM Company Profile

(Get Free Report)

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.

Further Reading

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