QUALCOMM (NASDAQ:QCOM) Downgraded to Peer Perform at Wolfe Research

Wolfe Research cut shares of QUALCOMM (NASDAQ:QCOM) from an outperform rating to a peer perform rating in a research note released on Monday morning, MarketBeat.com reports.

Other equities research analysts have also issued research reports about the stock. Tigress Financial boosted their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the company a buy rating in a report on Friday, June 21st. Cantor Fitzgerald reissued a neutral rating and issued a $215.00 price target on shares of QUALCOMM in a research report on Thursday, August 1st. KeyCorp raised their price target on shares of QUALCOMM from $205.00 to $225.00 and gave the stock an overweight rating in a research note on Tuesday, July 9th. Citigroup upped their price objective on QUALCOMM from $170.00 to $200.00 and gave the company a neutral rating in a research note on Monday, July 15th. Finally, Robert W. Baird raised their target price on QUALCOMM from $200.00 to $250.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $210.63.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM opened at $167.15 on Monday. The firm has a market capitalization of $186.21 billion, a PE ratio of 22.47, a PEG ratio of 1.81 and a beta of 1.27. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. QUALCOMM has a 1-year low of $104.33 and a 1-year high of $230.63. The business’s 50 day moving average is $193.69 and its 200-day moving average is $179.01.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, September 5th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.03%. QUALCOMM’s payout ratio is currently 45.70%.

Insider Activity

In related news, CAO Neil Martin sold 1,116 shares of QUALCOMM stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the sale, the chief accounting officer now directly owns 358 shares in the company, valued at $70,207.38. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the sale, the chief financial officer now owns 60,343 shares in the company, valued at approximately $12,407,124.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Neil Martin sold 1,116 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the transaction, the chief accounting officer now owns 358 shares in the company, valued at $70,207.38. The disclosure for this sale can be found here. Insiders have sold 23,185 shares of company stock valued at $4,332,134 over the last 90 days. 0.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On QUALCOMM

Several hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in QUALCOMM by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock valued at $3,664,418,000 after purchasing an additional 1,909,025 shares during the period. Norges Bank bought a new position in shares of QUALCOMM during the fourth quarter worth $2,507,978,000. Matrix Capital Management Company LP acquired a new position in shares of QUALCOMM in the 1st quarter valued at $1,171,516,000. Putnam Investments LLC increased its position in shares of QUALCOMM by 4.3% in the 4th quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock valued at $917,051,000 after buying an additional 263,482 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in QUALCOMM by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,317,857 shares of the wireless technology company’s stock worth $913,752,000 after buying an additional 259,403 shares during the period. Institutional investors and hedge funds own 74.35% of the company’s stock.

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.