QUALCOMM (NASDAQ:QCOM) Stock Price Up 2.2%

QUALCOMM Incorporated (NASDAQ:QCOM)’s stock price shot up 2.2% on Wednesday . The company traded as high as $230.63 and last traded at $227.09. 22,037,468 shares traded hands during mid-day trading, an increase of 120% from the average session volume of 10,006,387 shares. The stock had previously closed at $222.22.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on QCOM. Piper Sandler boosted their target price on QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Canaccord Genuity Group boosted their target price on QUALCOMM from $180.00 to $206.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Wolfe Research boosted their target price on QUALCOMM from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. boosted their target price on QUALCOMM from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Finally, KeyCorp boosted their target price on QUALCOMM from $180.00 to $205.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $188.74.

QUALCOMM Stock Performance

The company has a quick ratio of 1.98, a current ratio of 2.65 and a debt-to-equity ratio of 0.59. The company has a market cap of $253.43 billion, a P/E ratio of 30.52, a P/E/G ratio of 2.71 and a beta of 1.30. The business has a fifty day moving average of $189.61 and a 200 day moving average of $165.57.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. The company had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.32 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. On average, equities analysts predict that QUALCOMM Incorporated will post 7.83 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Thursday, May 30th. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio is currently 45.70%.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Neil Martin sold 1,116 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the sale, the chief accounting officer now directly owns 358 shares in the company, valued at $70,207.38. The disclosure for this sale can be found here. Insiders have sold a total of 45,185 shares of company stock valued at $8,206,875 over the last ninety days. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On QUALCOMM

Institutional investors have recently modified their holdings of the stock. Peoples Bank OH purchased a new stake in shares of QUALCOMM in the fourth quarter worth $219,000. Bank Hapoalim BM grew its stake in shares of QUALCOMM by 35.0% in the fourth quarter. Bank Hapoalim BM now owns 35,423 shares of the wireless technology company’s stock worth $5,123,000 after acquiring an additional 9,192 shares during the last quarter. NewEdge Wealth LLC grew its stake in shares of QUALCOMM by 120.2% in the fourth quarter. NewEdge Wealth LLC now owns 20,677 shares of the wireless technology company’s stock worth $2,991,000 after acquiring an additional 11,285 shares during the last quarter. 1834 Investment Advisors Co. grew its stake in shares of QUALCOMM by 6.6% in the fourth quarter. 1834 Investment Advisors Co. now owns 45,570 shares of the wireless technology company’s stock worth $6,591,000 after acquiring an additional 2,818 shares during the last quarter. Finally, Alexander Randolph Advisory Inc. purchased a new stake in shares of QUALCOMM in the fourth quarter worth $305,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

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.