QUALCOMM (NASDAQ:QCOM) Earns Neutral Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their neutral rating on shares of QUALCOMM (NASDAQ:QCOM) in a report issued on Thursday morning, Benzinga reports. Cantor Fitzgerald currently has a $215.00 price objective on the wireless technology company’s stock. Cantor Fitzgerald also issued estimates for QUALCOMM’s FY2024 earnings at $8.01 EPS.

QCOM has been the topic of a number of other reports. Piper Sandler reissued an overweight rating and issued a $205.00 price objective (up from $185.00) on shares of QUALCOMM in a research note on Thursday. TD Cowen increased their price objective on shares of QUALCOMM from $200.00 to $235.00 and gave the company a buy rating in a research note on Tuesday, June 4th. Rosenblatt Securities raised their price target on shares of QUALCOMM from $240.00 to $250.00 and gave the stock a buy rating in a research note on Thursday. Wells Fargo & Company raised their price target on shares of QUALCOMM from $140.00 to $170.00 and gave the stock an underweight rating in a research note on Thursday. Finally, Citigroup raised their price target on shares of QUALCOMM from $170.00 to $200.00 and gave the stock a neutral rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $210.63.

QUALCOMM Price Performance

Shares of QCOM traded down $0.30 during trading hours on Thursday, reaching $159.01. The company had a trading volume of 4,554,809 shares, compared to its average volume of 9,392,492. The firm has a 50 day simple moving average of $200.91 and a 200-day simple moving average of $178.59. The company has a current ratio of 2.39, a quick ratio of 1.98 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $177.14 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 1.99 and a beta of 1.27. QUALCOMM has a 12-month low of $104.33 and a 12-month high of $230.63.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.40 annualized dividend and a yield of 2.14%. QUALCOMM’s payout ratio is 45.70%.

Insider Activity at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred 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 sale, the chief financial officer now owns 60,343 shares in the company, valued at $12,407,124.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Cristiano R. Amon sold 8,100 shares of QUALCOMM stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $181.00, for a total transaction of $1,466,100.00. Following the sale, the chief executive officer now owns 8,100 shares in the company, valued at $1,466,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred 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 sale, the chief financial officer now owns 60,343 shares in the company, valued at approximately $12,407,124.23. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,129 shares of company stock worth $6,730,436. Company insiders own 0.08% of the company’s stock.

Institutional Trading of QUALCOMM

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in shares of QUALCOMM by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after buying an additional 1,909,025 shares during the last quarter. Norges Bank bought a new stake in shares of QUALCOMM in the fourth quarter worth $2,507,978,000. Matrix Capital Management Company LP bought a new stake in shares of QUALCOMM in the first quarter worth $1,171,516,000. Putnam Investments LLC increased its stake in shares of QUALCOMM by 4.3% in the fourth quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock worth $917,051,000 after buying an additional 263,482 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of QUALCOMM by 4.3% in the fourth 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 last quarter. Institutional investors own 74.35% of the company’s stock.

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.