QUALCOMM (NASDAQ:QCOM) PT Raised to $170.00 at Citigroup

QUALCOMM (NASDAQ:QCOM) had its target price increased by Citigroup from $160.00 to $170.00 in a report published on Thursday, Benzinga reports. Citigroup currently has a neutral rating on the wireless technology company’s stock.

A number of other brokerages have also issued reports on QCOM. Benchmark assumed coverage on shares of QUALCOMM in a report on Tuesday, April 23rd. They issued a buy rating and a $200.00 price objective for the company. Canaccord Genuity Group lifted their price target on shares of QUALCOMM from $152.00 to $175.00 and gave the company a buy rating in a research report on Friday, January 19th. HSBC raised their target price on QUALCOMM from $170.00 to $190.00 and gave the stock a buy rating in a research note on Tuesday, April 30th. Wolfe Research raised their price objective on QUALCOMM from $180.00 to $200.00 and gave the stock an outperform rating in a research report on Thursday. Finally, Mizuho upped their target price on shares of QUALCOMM from $160.00 to $180.00 and gave the company a buy rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, QUALCOMM has an average rating of Moderate Buy and an average target price of $179.36.

QUALCOMM Price Performance

Shares of NASDAQ QCOM traded up $1.53 during midday trading on Thursday, hitting $181.17. The stock had a trading volume of 521,773 shares, compared to its average volume of 8,659,256. 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 stock has a 50 day simple moving average of $167.69 and a 200-day simple moving average of $147.08. The company has a market capitalization of $202.19 billion, a PE ratio of 24.30, a P/E/G ratio of 2.27 and a beta of 1.33. QUALCOMM has a 1 year low of $101.47 and a 1 year high of $183.19.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Thursday, May 30th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s payout ratio is currently 43.01%.

Insiders Place Their Bets

In related news, CAO Neil Martin sold 371 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the transaction, the chief accounting officer now owns 689 shares in the company, valued at $103,232.87. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other QUALCOMM news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the sale, the chief accounting officer now owns 689 shares in the company, valued at $103,232.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $182.00, for a total value of $1,456,000.00. Following the sale, the chief technology officer now owns 253,893 shares in the company, valued at approximately $46,208,526. The disclosure for this sale can be found here. Insiders have sold a total of 44,260 shares of company stock worth $7,429,728 over the last quarter. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

Several institutional investors have recently made changes to their positions in the stock. Financial Council LLC bought a new position in shares of QUALCOMM during the first quarter valued at approximately $213,000. Texas Permanent School Fund Corp grew its holdings in shares of QUALCOMM by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 230,687 shares of the wireless technology company’s stock valued at $39,055,000 after purchasing an additional 887 shares during the last quarter. 9258 Wealth Management LLC grew its holdings in QUALCOMM by 0.9% in the 1st quarter. 9258 Wealth Management LLC now owns 10,258 shares of the wireless technology company’s stock worth $1,737,000 after buying an additional 91 shares in the last quarter. Gould Asset Management LLC CA bought a new position in QUALCOMM in the 1st quarter worth approximately $226,000. Finally, WBI Investments LLC grew its holdings in QUALCOMM by 50.3% in the 1st quarter. WBI Investments LLC now owns 13,111 shares of the wireless technology company’s stock worth $2,220,000 after buying an additional 4,387 shares in the last quarter. 74.35% of the stock is owned by institutional investors.

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.