QUALCOMM (NASDAQ:QCOM) Shares Up 1.7% – Here’s Why

QUALCOMM Incorporated (NASDAQ:QCOM) shares were up 1.7% during trading on Tuesday . The stock traded as high as $163.45 and last traded at $162.49. Approximately 1,724,197 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 5,451,816 shares. The stock had previously closed at $159.85.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Citigroup dropped their price target on QUALCOMM from $200.00 to $185.00 and set a “neutral” rating for the company in a report on Wednesday, October 16th. TD Cowen upgraded shares of QUALCOMM to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley decreased their price target on shares of QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 7th. Melius started coverage on QUALCOMM in a research report on Monday, December 9th. They issued a “hold” rating and a $180.00 price objective on the stock. Finally, Wells Fargo & Company boosted their target price on QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $207.11.

QUALCOMM Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.51, a current ratio of 2.40 and a quick ratio of 1.79. The company has a market capitalization of $179.89 billion, a price-to-earnings ratio of 18.01, a PEG ratio of 2.65 and a beta of 1.25. The firm has a 50-day moving average price of $160.39 and a two-hundred day moving average price of $171.17.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.25. The company had revenue of $10.24 billion during the quarter, compared to analysts’ expectations of $9.90 billion. QUALCOMM had a net margin of 26.03% and a return on equity of 38.81%. As a group, sell-side analysts anticipate that QUALCOMM Incorporated will post 9.09 earnings per share for the current fiscal year.

Insider Transactions at QUALCOMM

In other news, insider Alexander H. Rogers sold 10,373 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $160.59, for a total value of $1,665,800.07. Following the sale, the insider now directly owns 33,383 shares of the company’s stock, valued at approximately $5,360,975.97. This represents a 23.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Ann C. Chaplin sold 2,587 shares of QUALCOMM stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $158.12, for a total value of $409,056.44. Following the transaction, the general counsel now owns 19,739 shares of the company’s stock, valued at $3,121,130.68. The trade was a 11.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,882 shares of company stock worth $4,314,649 in the last three months. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On QUALCOMM

Several institutional investors and hedge funds have recently modified their holdings of QCOM. State Street Corp boosted its holdings in shares of QUALCOMM by 1.7% during the 3rd quarter. State Street Corp now owns 51,615,929 shares of the wireless technology company’s stock worth $8,777,289,000 after buying an additional 870,814 shares during the period. Geode Capital Management LLC boosted its holdings in shares of QUALCOMM by 7.9% during the third quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock worth $4,600,625,000 after acquiring an additional 1,989,725 shares during the period. Legal & General Group Plc boosted its holdings in shares of QUALCOMM by 0.9% during the second quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock worth $1,999,114,000 after acquiring an additional 86,195 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of QUALCOMM by 6.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,356,581 shares of the wireless technology company’s stock valued at $1,421,037,000 after purchasing an additional 498,284 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of QUALCOMM by 30.2% during the third quarter. Van ECK Associates Corp now owns 7,506,863 shares of the wireless technology company’s stock worth $1,250,644,000 after purchasing an additional 1,741,432 shares during the period. 74.35% of the stock is currently owned by institutional investors and hedge funds.

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.