QUALCOMM (NASDAQ:QCOM) Stock Price Up 2.3% – Here’s What Happened

QUALCOMM Incorporated (NASDAQ:QCOM) shares were up 2.3% during trading on Thursday . The stock traded as high as $164.11 and last traded at $164.08. Approximately 1,744,447 shares traded hands during trading, a decline of 81% from the average daily volume of 8,994,082 shares. The stock had previously closed at $160.42.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Cantor Fitzgerald restated a “neutral” rating and issued a $160.00 price objective on shares of QUALCOMM in a report on Thursday, November 7th. TD Cowen raised shares of QUALCOMM to a “strong-buy” rating in a research note on Monday, September 16th. Evercore ISI boosted their price target on shares of QUALCOMM from $190.00 to $199.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Rosenblatt Securities increased their price objective on shares of QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Westpark Capital restated a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, QUALCOMM presently has an average rating of “Moderate Buy” and a consensus price target of $210.92.

QUALCOMM Stock Down 2.1 %

The company has a market capitalization of $178.32 billion, a PE ratio of 17.85, a PEG ratio of 2.70 and a beta of 1.28. The company has a current ratio of 2.40, a quick ratio of 1.79 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average of $168.35 and a 200 day moving average of $182.10.

QUALCOMM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend is Thursday, December 5th. QUALCOMM’s dividend payout ratio (DPR) is currently 37.82%.

Insiders Place Their Bets

In other QUALCOMM news, General Counsel Ann C. Chaplin sold 1,901 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $165.06, for a total value of $313,779.06. Following the sale, the general counsel now owns 12,007 shares of the company’s stock, valued at $1,981,875.42. This trade represents a 13.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alexander H. Rogers sold 3,245 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the transaction, the insider now directly owns 32,231 shares of the company’s stock, valued at approximately $5,355,180.65. This represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,146 shares of company stock worth $2,709,186 in the last ninety days. 0.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On QUALCOMM

A number of hedge funds and other institutional investors have recently modified their holdings of QCOM. State Street Corp boosted its position in shares of QUALCOMM by 1.7% during the 3rd quarter. State Street Corp now owns 51,615,929 shares of the wireless technology company’s stock worth $8,777,289,000 after acquiring an additional 870,814 shares in the last quarter. Geode Capital Management LLC lifted its stake in QUALCOMM by 7.9% during the third quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock worth $4,600,625,000 after purchasing an additional 1,989,725 shares during the last quarter. Legal & General Group Plc boosted its holdings in QUALCOMM by 0.9% in the second quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock valued at $1,999,114,000 after purchasing an additional 86,195 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in QUALCOMM by 6.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,356,581 shares of the wireless technology company’s stock valued at $1,421,037,000 after purchasing an additional 498,284 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in QUALCOMM by 30.2% during the third quarter. Van ECK Associates Corp now owns 7,506,863 shares of the wireless technology company’s stock worth $1,250,644,000 after purchasing an additional 1,741,432 shares in the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

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.