QUALCOMM (NASDAQ:QCOM) Hits New 12-Month High After Dividend Announcement

QUALCOMM, Inc. (NASDAQ:QCOM)’s stock price reached a new 52-week high during trading on Friday following a dividend announcement from the company. The stock traded as high as $95.74 and last traded at $95.56, with a volume of 9186004 shares trading hands. The stock had previously closed at $91.79.

The newly announced dividend which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 5th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.59%. QUALCOMM’s payout ratio is presently 87.32%.

Several brokerages have commented on QCOM. Deutsche Bank upped their target price on shares of QUALCOMM from $82.00 to $96.00 and gave the company a “hold” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. upped their price target on shares of QUALCOMM from $88.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. DZ Bank upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a report on Wednesday. ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Monday, October 7th. Finally, BidaskClub cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $88.84.

The stock has a market cap of $103.41 billion, a price-to-earnings ratio of 33.72, a PEG ratio of 1.86 and a beta of 1.62. The company has a quick ratio of 1.72, a current ratio of 1.88 and a debt-to-equity ratio of 2.74. The business’s 50 day simple moving average is $87.33 and its 200 day simple moving average is $80.34.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.07. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.71 billion. QUALCOMM had a net margin of 18.07% and a return on equity of 77.78%. The company’s revenue for the quarter was down 17.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. Equities research analysts forecast that QUALCOMM, Inc. will post 3.48 earnings per share for the current fiscal year.

In other news, President Cristiano R. Amon sold 19,045 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $85.18, for a total value of $1,622,253.10. Following the transaction, the president now directly owns 58,780 shares of the company’s stock, valued at $5,006,880.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Akash J. Palkhiwala sold 5,237 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $89.00, for a total transaction of $466,093.00. Following the completion of the transaction, the chief financial officer now directly owns 19,018 shares in the company, valued at $1,692,602. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,744 shares of company stock valued at $9,631,265. Corporate insiders own 0.11% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in shares of QUALCOMM by 49.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 35,136,722 shares of the wireless technology company’s stock valued at $2,672,850,000 after purchasing an additional 11,686,131 shares during the period. Primecap Management Co. CA increased its position in QUALCOMM by 0.3% during the second quarter. Primecap Management Co. CA now owns 24,716,715 shares of the wireless technology company’s stock worth $1,880,201,000 after acquiring an additional 83,270 shares during the period. Morgan Stanley increased its position in QUALCOMM by 126.9% during the second quarter. Morgan Stanley now owns 15,465,753 shares of the wireless technology company’s stock worth $1,176,482,000 after acquiring an additional 8,648,635 shares during the period. Nuveen Asset Management LLC increased its position in QUALCOMM by 1,405.4% during the second quarter. Nuveen Asset Management LLC now owns 11,560,171 shares of the wireless technology company’s stock worth $879,382,000 after acquiring an additional 10,792,248 shares during the period. Finally, Stifel Financial Corp increased its position in QUALCOMM by 1.4% during the third quarter. Stifel Financial Corp now owns 3,236,188 shares of the wireless technology company’s stock worth $247,062,000 after acquiring an additional 45,360 shares during the period. 77.27% of the stock is currently owned by institutional investors.

About QUALCOMM (NASDAQ:QCOM)

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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