QUALCOMM Incorporated (NASDAQ:QCOM) declared a quarterly dividend on Wednesday, October 13th, RTT News reports. Investors of record on Thursday, December 2nd will be given a dividend of 0.68 per share by the wireless technology company on Thursday, December 16th. This represents a $2.72 annualized dividend and a dividend yield of 2.20%.
QUALCOMM has increased its dividend by 14.7% over the last three years and has raised its dividend annually for the last 1 consecutive years. QUALCOMM has a dividend payout ratio of 31.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect QUALCOMM to earn $8.42 per share next year, which means the company should continue to be able to cover its $2.63 annual dividend with an expected future payout ratio of 31.2%.
Shares of QCOM stock traded up $0.91 during trading on Wednesday, hitting $123.86. The company had a trading volume of 218,157 shares, compared to its average volume of 8,740,452. The stock has a market capitalization of $139.71 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 0.94 and a beta of 1.29. The stock’s 50-day moving average is $139.05 and its two-hundred day moving average is $137.76. The company has a quick ratio of 1.45, a current ratio of 1.72 and a debt-to-equity ratio of 1.67. QUALCOMM has a 52 week low of $121.05 and a 52 week high of $167.94.
QUALCOMM announced that its board has authorized a share repurchase plan on Tuesday, October 12th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the wireless technology company to reacquire up to 7.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
A hedge fund recently raised its stake in QUALCOMM stock. Morgan Stanley increased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 25.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,960,679 shares of the wireless technology company’s stock after purchasing an additional 2,630,436 shares during the quarter. Morgan Stanley owned 1.15% of QUALCOMM worth $1,852,471,000 at the end of the most recent quarter. 71.77% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on QCOM shares. Mizuho increased their price objective on QUALCOMM from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, July 29th. Susquehanna reissued a “hold” rating and set a $157.00 price objective on shares of QUALCOMM in a research note on Thursday, July 29th. Susquehanna Bancshares reissued a “hold” rating and set a $157.00 price objective on shares of QUALCOMM in a research note on Thursday, July 29th. KeyCorp dropped their price target on QUALCOMM from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Tuesday, October 5th. Finally, Cowen raised their price target on QUALCOMM from $180.00 to $185.00 and gave the stock an “outperform” rating in a research note on Thursday, July 29th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $167.35.
QUALCOMM Company Profile
QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.
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