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

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

QCOM has been the topic of a number of other research reports. Mizuho increased their price target on shares of QUALCOMM from $160.00 to $180.00 and gave the company a buy rating in a report on Thursday. Susquehanna increased their target price on QUALCOMM from $175.00 to $205.00 and gave the company a positive rating in a research note on Wednesday, April 10th. KeyCorp upped their price target on QUALCOMM from $180.00 to $205.00 and gave the company an overweight rating in a report on Monday, April 8th. Bank of America increased their price objective on QUALCOMM from $173.00 to $180.00 and gave the company a buy rating in a research report on Thursday. Finally, Robert W. Baird boosted their target price on QUALCOMM from $160.00 to $200.00 and gave the stock an outperform rating in a research report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, QUALCOMM has an average rating of Moderate Buy and a consensus price target of $179.36.

QUALCOMM Stock Down 0.3 %

NASDAQ:QCOM traded down $0.46 during trading hours on Thursday, reaching $179.64. 10,043,912 shares of the company traded hands, compared to its average volume of 8,171,053. The business’s 50-day moving average price is $167.69 and its two-hundred day moving average price is $146.59. The company has a current ratio of 2.65, a quick ratio of 1.88 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $200.48 billion, a P/E ratio of 24.15, a P/E/G ratio of 2.46 and a beta of 1.33. QUALCOMM has a 1 year low of $101.47 and a 1 year high of $183.19.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.90 by $0.43. The company had revenue of $9.94 billion for the quarter, compared to the consensus estimate of $9.50 billion. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. Analysts predict that QUALCOMM will post 7.64 earnings per share for the current year.

QUALCOMM Increases Dividend

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

Insider Activity

In other QUALCOMM news, CAO Neil Martin sold 371 shares of the firm’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 sale, the chief accounting officer now directly owns 689 shares of the company’s stock, valued at $103,232.87. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Cristiano R. Amon sold 8,100 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $159.50, for a total transaction of $1,291,950.00. Following the completion of the transaction, the chief executive officer now owns 24,300 shares in the company, valued at $3,875,850. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Neil Martin sold 371 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were 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 $103,232.87. The disclosure for this sale can be found here. Insiders have sold 44,260 shares of company stock worth $7,429,728 in the last three months. Company insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of QUALCOMM by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 110,717,388 shares of the wireless technology company’s stock worth $12,296,273,000 after buying an additional 483,390 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in QUALCOMM by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after acquiring an additional 1,909,025 shares in the last quarter. Morgan Stanley increased its stake in QUALCOMM by 2.2% during the third quarter. Morgan Stanley now owns 20,767,489 shares of the wireless technology company’s stock worth $2,306,438,000 after acquiring an additional 438,660 shares during the last quarter. Norges Bank purchased a new stake in QUALCOMM during the fourth quarter valued at approximately $2,507,978,000. Finally, Northern Trust Corp lifted its stake in shares of QUALCOMM by 3.5% in the 3rd quarter. Northern Trust Corp now owns 12,291,482 shares of the wireless technology company’s stock valued at $1,365,092,000 after purchasing an additional 415,398 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

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.