QUALCOMM (NASDAQ:QCOM) Price Target Raised to $206.00 at Canaccord Genuity Group

QUALCOMM (NASDAQ:QCOM) had its target price hoisted by Canaccord Genuity Group from $180.00 to $206.00 in a report issued on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the wireless technology company’s stock.

A number of other equities research analysts also recently commented on the stock. Barclays raised their price objective on shares of QUALCOMM from $155.00 to $185.00 and gave the company an overweight rating in a research report on Thursday. StockNews.com upgraded shares of QUALCOMM from a buy rating to a strong-buy rating in a research report on Tuesday, April 30th. JPMorgan Chase & Co. raised their price objective on shares of QUALCOMM from $170.00 to $185.00 and gave the company an overweight rating in a research report on Thursday. KeyCorp raised their price objective on shares of QUALCOMM from $180.00 to $205.00 and gave the company an overweight rating in a research report on Monday, April 8th. Finally, Piper Sandler upped their price target on QUALCOMM from $165.00 to $185.00 and gave the stock an overweight rating in a report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $179.36.

QUALCOMM Stock Performance

Shares of QCOM stock traded up $1.53 during midday trading on Thursday, hitting $181.17. The company had a trading volume of 521,773 shares, compared to its average volume of 8,659,256. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. The company’s 50 day simple moving average is $167.69 and its 200 day simple moving average is $147.08. QUALCOMM has a 52-week low of $101.47 and a 52-week high of $183.19. The stock has a market cap of $202.19 billion, a price-to-earnings ratio of 24.30, a PEG ratio of 2.27 and a beta of 1.33.

QUALCOMM Increases Dividend

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

Insider Buying and Selling

In related news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer now owns 253,893 shares in the company, valued at $46,208,526. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other 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 completion of the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction, the chief technology officer now directly owns 253,893 shares of the company’s stock, valued at $46,208,526. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,260 shares of company stock worth $7,429,728. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

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

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.