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

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price was up 1.7% on Friday following a dividend announcement from the company. The stock traded as high as $154.64 and last traded at $155.21. Approximately 2,773,027 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 8,471,052 shares. The stock had previously closed at $152.61.

The newly announced dividend which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 2.30%. QUALCOMM’s dividend payout ratio is 36.25%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wall Street Zen cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Citigroup reaffirmed a “hold” rating on shares of QUALCOMM in a research report on Thursday. Wells Fargo & Company dropped their target price on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. Robert W. Baird dropped their target price on shares of QUALCOMM from $250.00 to $216.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Finally, Bank of America dropped their target price on shares of QUALCOMM from $245.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $186.00.

QUALCOMM Stock Up 1.4%

The company has a market cap of $169.97 billion, a P/E ratio of 15.76, a P/E/G ratio of 1.97 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The company’s 50-day moving average is $153.95 and its two-hundred day moving average is $154.97.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.03. The company had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.44 earnings per share. As a group, equities analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

Insider Transactions at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total transaction of $537,546.24. Following the completion of the sale, the chief financial officer directly owned 46,446 shares in the company, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider directly owned 22,793 shares in the company, valued at $3,139,507.82. This represents a 6.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 424,099 shares of company stock worth $8,310,735 over the last three months. 0.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On QUALCOMM

Large investors have recently added to or reduced their stakes in the company. Banque Transatlantique SA purchased a new position in QUALCOMM during the fourth quarter valued at approximately $26,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in QUALCOMM by 70.0% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 70 shares in the last quarter. Vermillion & White Wealth Management Group LLC lifted its holdings in QUALCOMM by 122.4% during the first quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 93 shares in the last quarter. WFA Asset Management Corp purchased a new position in QUALCOMM during the first quarter valued at approximately $27,000. Finally, Sunbeam Capital Management LLC purchased a new position in QUALCOMM during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

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.