QUALCOMM (NASDAQ:QCOM) Trading Up 1.7% Following Dividend Announcement

QUALCOMM Incorporated (NASDAQ:QCOM)’s stock price rose 1.7% during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $139.07 and last traded at $138.51. Approximately 2,068,049 shares changed hands during trading, a decline of 77% from the average daily 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. Investors 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 annualized dividend and a dividend yield of 2.57%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio (DPR) is currently 36.32%.

Wall Street Analysts Forecast Growth

QCOM has been the subject of a number of research analyst reports. TD Cowen cut their price objective on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Piper Sandler reduced their price target on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Evercore ISI dropped their price objective on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a report on Thursday, February 6th. Barclays reduced their target price on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Finally, StockNews.com lowered QUALCOMM from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, QUALCOMM presently has an average rating of “Hold” and a consensus price target of $201.21.

QUALCOMM Stock Performance

The firm has a market capitalization of $153.45 billion, a P/E ratio of 14.82, a P/E/G ratio of 2.01 and a beta of 1.28. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The firm has a 50-day moving average price of $151.75 and a two-hundred day moving average price of $159.90.

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

Insider Transactions at QUALCOMM

In related news, 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 transaction of $91,439.28. Following the transaction, the chief financial officer now directly owns 56,445 shares of the company’s stock, valued at $7,964,953.95. This trade represents a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Neil Martin sold 744 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the sale, the chief accounting officer now owns 461 shares of the company’s stock, valued at approximately $80,596.63. This represents a 61.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,666 shares of company stock valued at $5,047,052. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB raised its stake in shares of QUALCOMM by 39.7% during the 4th quarter. Nordea Investment Management AB now owns 1,841,103 shares of the wireless technology company’s stock worth $284,708,000 after acquiring an additional 523,244 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in QUALCOMM by 21.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company’s stock worth $4,239,000 after purchasing an additional 4,955 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth $2,058,000. Burney Co. lifted its holdings in shares of QUALCOMM by 665.6% during the 4th quarter. Burney Co. now owns 146,911 shares of the wireless technology company’s stock valued at $22,568,000 after purchasing an additional 127,722 shares during the last quarter. Finally, Howard Bailey Securities LLC acquired a new stake in shares of QUALCOMM in the 4th quarter worth $240,000. Hedge funds and other institutional investors 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.