Akash J. Palkhiwala Sells 3,333 Shares of QUALCOMM Incorporated (NASDAQ:QCOM) Stock

QUALCOMM Incorporated (NASDAQ:QCOM) CFO Akash J. Palkhiwala sold 3,333 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total transaction of $486,951.30. Following the completion of the sale, the chief financial officer now owns 49,779 shares of the company’s stock, valued at approximately $7,272,711.90. This trade represents a 6.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

QUALCOMM Trading Up 1.6%

Shares of QCOM stock opened at $148.94 on Wednesday. The firm has a market cap of $163.54 billion, a P/E ratio of 15.91, a PEG ratio of 2.01 and a beta of 1.29. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The firm’s 50-day simple moving average is $143.88 and its 200-day simple moving average is $155.39.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.03. The business had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The company’s revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 EPS. As a group, equities analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.89 per share. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Thursday, June 5th. QUALCOMM’s dividend payout ratio is presently 36.25%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Kohmann Bosshard Financial Services LLC purchased a new position in QUALCOMM in the fourth quarter valued at approximately $26,000. Banque Transatlantique SA purchased a new position in QUALCOMM in the fourth quarter valued at approximately $26,000. Atlantic Edge Private Wealth Management LLC raised its holdings in QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock valued at $26,000 after buying an additional 70 shares during the period. Vermillion & White Wealth Management Group LLC raised its holdings in QUALCOMM by 122.4% in the first quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company’s stock valued at $26,000 after buying an additional 93 shares during the period. Finally, WFA Asset Management Corp purchased a new position in QUALCOMM in the first quarter valued at approximately $27,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. TD Cowen reduced their price target on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Wells Fargo & Company reduced their price target on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $185.00 price target on shares of QUALCOMM in a research report on Tuesday, April 29th. Robert W. Baird reduced their price target on shares of QUALCOMM from $250.00 to $216.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Finally, Seaport Res Ptn upgraded shares of QUALCOMM to a “hold” rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, QUALCOMM presently has an average rating of “Hold” and a consensus price target of $189.88.

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.