Sanford C. Bernstein Issues Positive Forecast for QUALCOMM (NASDAQ:QCOM) Stock Price

QUALCOMM (NASDAQ:QCOM) had its price objective raised by Sanford C. Bernstein from $200.00 to $215.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the wireless technology company’s stock.

QCOM has been the subject of several other research reports. Westpark Capital reiterated a “hold” rating on shares of QUALCOMM in a research report on Tuesday, July 30th. Wolfe Research cut shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 12th. Hsbc Global Res cut shares of QUALCOMM from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Cantor Fitzgerald reissued a “neutral” rating and issued a $160.00 target price on shares of QUALCOMM in a research note on Thursday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $205.00 price target (up previously from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $212.16.

QUALCOMM Price Performance

QUALCOMM stock traded down $2.00 during mid-day trading on Thursday, hitting $170.91. 10,725,759 shares of the company were exchanged, compared to its average volume of 9,039,770. The company has a market capitalization of $190.39 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 1.76 and a beta of 1.28. The business has a fifty day moving average of $168.53 and a 200 day moving average of $182.15. QUALCOMM has a 1-year low of $119.85 and a 1-year high of $230.63. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.25. The business had revenue of $10.24 billion during the quarter, compared to analysts’ expectations of $9.90 billion. QUALCOMM had a net margin of 26.03% and a return on equity of 39.70%. As a group, sell-side analysts expect that QUALCOMM will post 8.62 earnings per share for the current year.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, December 5th. This represents a $3.40 annualized dividend and a yield of 1.99%. QUALCOMM’s dividend payout ratio (DPR) is presently 37.82%.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total transaction of $497,850.00. Following the sale, the chief financial officer now owns 51,437 shares in the company, valued at approximately $8,535,970.15. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total value of $497,850.00. Following the completion of the sale, the chief financial officer now owns 51,437 shares in the company, valued at $8,535,970.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Ann C. Chaplin sold 1,901 shares of QUALCOMM stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $165.06, for a total transaction of $313,779.06. Following the completion of the transaction, the general counsel now directly owns 12,007 shares of the company’s stock, valued at approximately $1,981,875.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,146 shares of company stock worth $2,709,186 in the last quarter. Corporate insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. First Horizon Advisors Inc. boosted its position in QUALCOMM by 7.4% during the third quarter. First Horizon Advisors Inc. now owns 110,877 shares of the wireless technology company’s stock worth $18,855,000 after purchasing an additional 7,682 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of QUALCOMM during the 3rd quarter worth about $34,874,000. Commerce Bank grew its stake in QUALCOMM by 19.2% in the 3rd quarter. Commerce Bank now owns 171,279 shares of the wireless technology company’s stock valued at $29,126,000 after buying an additional 27,549 shares during the last quarter. Strategy Asset Managers LLC bought a new position in QUALCOMM in the 3rd quarter valued at about $530,000. Finally, Sachetta LLC lifted its position in QUALCOMM by 6.8% during the third quarter. Sachetta LLC now owns 6,072 shares of the wireless technology company’s stock worth $1,033,000 after acquiring an additional 389 shares during the last quarter. 74.35% of the stock is 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.