Citigroup Increases QUALCOMM (NASDAQ:QCOM) Price Target to $170.00

QUALCOMM (NASDAQ:QCOM) had its price objective upped by Citigroup from $160.00 to $170.00 in a research note published on Thursday morning, Benzinga reports. They currently have a neutral rating on the wireless technology company’s stock.

A number of other brokerages have also recently commented on QCOM. Wells Fargo & Company lifted their target price on QUALCOMM from $120.00 to $140.00 and gave the stock an underweight rating in a report on Thursday. UBS Group boosted their price objective on QUALCOMM from $165.00 to $175.00 and gave the company a neutral rating in a report on Thursday. Cantor Fitzgerald restated a neutral rating and set a $190.00 price objective on shares of QUALCOMM in a report on Thursday. Barclays boosted their price objective on QUALCOMM from $155.00 to $185.00 and gave the company an overweight rating in a report on Thursday. Finally, Wolfe Research boosted their price objective on QUALCOMM from $180.00 to $200.00 and gave the company an outperform rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $179.36.

QUALCOMM Trading Down 0.3 %

Shares of QUALCOMM stock traded down $0.46 on Thursday, reaching $179.64. The company had a trading volume of 10,043,912 shares, compared to its average volume of 8,171,053. The firm has a market cap of $200.48 billion, a price-to-earnings ratio of 24.15, a P/E/G ratio of 2.47 and a beta of 1.33. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.88. The firm’s 50-day moving average price is $167.69 and its two-hundred day moving average price is $146.59. QUALCOMM has a 1 year low of $101.47 and a 1 year high of $183.19.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.43. The firm had revenue of $9.94 billion during the quarter, compared to analysts’ expectations of $9.50 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. As a group, research analysts predict that QUALCOMM will post 7.64 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 1.89%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, May 30th. QUALCOMM’s payout ratio is presently 43.01%.

Insider Transactions at QUALCOMM

In other news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $182.00, for a total value of $1,456,000.00. Following the completion of the transaction, the chief technology officer now directly owns 253,893 shares of the company’s stock, valued at approximately $46,208,526. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the transaction, the chief accounting officer now directly owns 689 shares of the company’s stock, valued at approximately $103,232.87. The sale was disclosed in a 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 dated 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 transaction, the chief technology officer now directly owns 253,893 shares in the company, valued at $46,208,526. The disclosure for this sale can be found here. In the last three months, insiders sold 44,260 shares of company stock valued at $7,429,728. Corporate insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. WFA Asset Management Corp purchased a new position in shares of QUALCOMM in the first quarter worth about $27,000. CarsonAllaria Wealth Management Ltd. raised its stake in shares of QUALCOMM by 327.1% in the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after purchasing an additional 157 shares during the last quarter. Richardson Capital Management LLC purchased a new position in shares of QUALCOMM in the first quarter worth about $37,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of QUALCOMM in the fourth quarter worth about $32,000. Finally, Cherry Tree Wealth Management LLC raised its stake in shares of QUALCOMM by 95.0% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after purchasing an additional 115 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.