QUALCOMM (NASDAQ:QCOM – Get Rating) had its price target cut by Canaccord Genuity Group from $225.00 to $165.00 in a research note released on Thursday, Benzinga reports. They currently have a buy rating on the wireless technology company’s stock.
Several other equities research analysts have also commented on QCOM. JPMorgan Chase & Co. cut their price target on shares of QUALCOMM from $190.00 to $185.00 and set an overweight rating for the company in a report on Thursday. Cowen cut their price target on shares of QUALCOMM from $185.00 to $165.00 and set an outperform rating for the company in a report on Thursday. DZ Bank cut shares of QUALCOMM from a buy rating to a hold rating and set a $150.00 target price on the stock. in a research note on Friday, July 29th. Morgan Stanley lowered their target price on shares of QUALCOMM from $170.00 to $147.00 and set an overweight rating on the stock in a research note on Monday, October 31st. Finally, Wells Fargo & Company lowered their target price on shares of QUALCOMM from $125.00 to $105.00 and set an equal weight rating on the stock in a research note on Thursday. Eight analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $160.21.
QUALCOMM Price Performance
Shares of NASDAQ QCOM opened at $106.69 on Thursday. The firm has a market cap of $119.60 billion, a PE ratio of 9.38, a PEG ratio of 0.59 and a beta of 1.24. The firm has a fifty day moving average of $120.51 and a 200 day moving average of $132.18. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.15 and a current ratio of 1.75. QUALCOMM has a one year low of $101.93 and a one year high of $193.58.
QUALCOMM Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be paid a dividend of $0.75 per share. The ex-dividend date is Wednesday, November 30th. This represents a $3.00 dividend on an annualized basis and a yield of 2.81%. QUALCOMM’s dividend payout ratio (DPR) is presently 26.36%.
Insiders Place Their Bets
In other QUALCOMM news, insider Alexander H. Rogers sold 5,591 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $114.99, for a total transaction of $642,909.09. Following the sale, the insider now directly owns 44,572 shares in the company, valued at $5,125,334.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Alexander H. Rogers sold 5,591 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $114.99, for a total transaction of $642,909.09. Following the sale, the insider now directly owns 44,572 shares in the company, valued at $5,125,334.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James J. Cathey sold 2,084 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $126.51, for a total transaction of $263,646.84. Following the sale, the insider now owns 917 shares in the company, valued at $116,009.67. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.
Hedge Funds Weigh In On QUALCOMM
Several hedge funds have recently added to or reduced their stakes in the stock. Pin Oak Investment Advisors Inc. increased its stake in QUALCOMM by 26.7% in the second quarter. Pin Oak Investment Advisors Inc. now owns 337 shares of the wireless technology company’s stock valued at $43,000 after purchasing an additional 71 shares during the last quarter. Rise Advisors LLC boosted its holdings in shares of QUALCOMM by 38.3% in the second quarter. Rise Advisors LLC now owns 260 shares of the wireless technology company’s stock valued at $33,000 after acquiring an additional 72 shares during the period. Hyman Charles D boosted its holdings in shares of QUALCOMM by 0.6% in the second quarter. Hyman Charles D now owns 11,315 shares of the wireless technology company’s stock valued at $1,445,000 after acquiring an additional 72 shares during the period. Birchcreek Wealth Management LLC boosted its holdings in shares of QUALCOMM by 4.3% in the second quarter. Birchcreek Wealth Management LLC now owns 1,797 shares of the wireless technology company’s stock valued at $230,000 after acquiring an additional 74 shares during the period. Finally, Security National Bank boosted its holdings in shares of QUALCOMM by 4.4% in the second quarter. Security National Bank now owns 1,775 shares of the wireless technology company’s stock valued at $227,000 after acquiring an additional 75 shares during the period. 71.55% of the stock is currently owned by hedge funds and other institutional investors.
QUALCOMM Company Profile
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QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. The company 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, application processing, multimedia, and global positioning system products.
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