Piper Sandler Reiterates “Overweight” Rating for QUALCOMM (NASDAQ:QCOM)

Piper Sandler restated their overweight rating on shares of QUALCOMM (NASDAQ:QCOM) in a research note issued to investors on Thursday, Benzinga reports. They currently have a $205.00 price objective on the wireless technology company’s stock, up from their prior price objective of $185.00.

Several other research firms have also commented on QCOM. JPMorgan Chase & Co. upped their price objective on QUALCOMM from $170.00 to $185.00 and gave the stock an overweight rating in a research report on Thursday, May 2nd. Robert W. Baird increased their price objective on QUALCOMM from $200.00 to $250.00 and gave the company an outperform rating in a research note on Tuesday, July 23rd. Wolfe Research increased their price objective on QUALCOMM from $180.00 to $200.00 and gave the company an outperform rating in a research note on Thursday, May 2nd. HSBC cut QUALCOMM from a buy rating to a hold rating and set a $200.00 target price for the company. in a report on Wednesday, July 17th. Finally, Evercore ISI began coverage on QUALCOMM in a report on Tuesday, April 16th. They issued an in-line rating and a $177.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, QUALCOMM has a consensus rating of Moderate Buy and an average price target of $210.63.

QUALCOMM Stock Performance

NASDAQ QCOM traded down $0.30 during trading hours on Thursday, reaching $159.01. The stock had a trading volume of 4,554,809 shares, compared to its average volume of 9,392,492. The stock has a fifty day moving average of $200.91 and a 200 day moving average of $178.59. The stock has a market cap of $177.14 billion, a P/E ratio of 21.41, a price-to-earnings-growth ratio of 1.99 and a beta of 1.27. QUALCOMM has a 52-week low of $104.33 and a 52-week high of $230.63. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.98 and a current ratio of 2.39.

QUALCOMM Dividend Announcement

The business also recently announced 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. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s payout ratio is 45.70%.

Insider Transactions at QUALCOMM

In related news, CEO Cristiano R. Amon sold 8,100 shares of QUALCOMM stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $181.00, for a total transaction of $1,466,100.00. Following the completion of the sale, the chief executive officer now owns 8,100 shares of the company’s stock, valued at $1,466,100. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Cristiano R. Amon sold 8,100 shares of QUALCOMM stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $181.00, for a total value of $1,466,100.00. Following the transaction, the chief executive officer now directly owns 8,100 shares in the company, valued at $1,466,100. The transaction was disclosed in a 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 dated Thursday, May 9th. The stock was sold at an average price of $180.69, for a total value of $542,070.00. Following the completion of the transaction, the chief financial officer now owns 66,343 shares in the company, valued at $11,987,516.67. The disclosure for this sale can be found here. Insiders sold a total of 35,129 shares of company stock valued at $6,730,436 over the last quarter. Company insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its position in shares of QUALCOMM by 8.1% during the 4th 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 acquiring an additional 1,909,025 shares during the last quarter. Norges Bank bought a new position in QUALCOMM during the 4th quarter worth about $2,507,978,000. Matrix Capital Management Company LP acquired a new position in shares of QUALCOMM during the 1st quarter worth about $1,171,516,000. Putnam Investments LLC boosted its stake in shares of QUALCOMM by 4.3% during the 4th 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. lifted its stake in QUALCOMM by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,317,857 shares of the wireless technology company’s stock valued at $913,752,000 after purchasing an additional 259,403 shares during the last quarter. 74.35% of the stock is 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.