QUALCOMM (NASDAQ:QCOM) Stock Price Down 1.3% – Here’s What Happened

QUALCOMM Incorporated (NASDAQ:QCOM) shares dropped 1.3% during mid-day trading on Thursday . The company traded as low as $150.89 and last traded at $151.00. Approximately 2,113,527 shares were traded during trading, a decline of 76% from the average daily volume of 8,932,315 shares. The stock had previously closed at $153.05.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Susquehanna lowered their target price on shares of QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a report on Wednesday, November 20th. Melius Research assumed coverage on shares of QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 price objective for the company. Loop Capital assumed coverage on QUALCOMM in a research note on Monday, November 11th. They issued a “hold” rating and a $180.00 target price on the stock. KeyCorp lowered QUALCOMM from an “overweight” rating to a “sector weight” rating in a report on Tuesday, October 8th. Finally, Wells Fargo & Company lifted their price target on QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $208.00.

QUALCOMM Trading Down 1.6 %

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40. The firm has a market cap of $167.36 billion, a P/E ratio of 16.76, a P/E/G ratio of 2.65 and a beta of 1.25. The firm has a 50 day simple moving average of $164.28 and a 200 day simple moving average of $176.73.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.25. The company had revenue of $10.24 billion during the quarter, compared to analyst estimates of $9.90 billion. QUALCOMM had a net margin of 26.03% and a return on equity of 38.81%. On average, equities research analysts predict that QUALCOMM Incorporated will post 9.09 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.40 annualized dividend and a dividend yield of 2.26%. QUALCOMM’s payout ratio is currently 37.82%.

Insider Activity 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 stock was sold at an average price of $160.59, for a total value of $1,665,800.07. Following the completion of the transaction, the insider now directly owns 33,383 shares in the company, valued at approximately $5,360,975.97. This represents a 23.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total transaction of $497,850.00. Following the transaction, the chief financial officer now owns 51,437 shares in the company, valued at $8,535,970.15. The trade was a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,127 shares of company stock valued at $6,710,055. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On QUALCOMM

Several institutional investors have recently bought and sold shares of QCOM. Wedge Capital Management L L P NC grew its holdings in shares of QUALCOMM by 17.1% in the third quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company’s stock worth $60,264,000 after purchasing an additional 51,879 shares during the last quarter. Icon Wealth Advisors LLC raised its holdings in QUALCOMM by 123.2% in the 3rd quarter. Icon Wealth Advisors LLC now owns 33,186 shares of the wireless technology company’s stock worth $5,643,000 after purchasing an additional 18,315 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of QUALCOMM by 39.9% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 176,817 shares of the wireless technology company’s stock valued at $30,068,000 after purchasing an additional 50,438 shares in the last quarter. Aljian Capital Management LLC purchased a new position in shares of QUALCOMM during the third quarter valued at about $1,820,000. Finally, Captrust Financial Advisors lifted its holdings in QUALCOMM by 4.6% in the third quarter. Captrust Financial Advisors now owns 664,330 shares of the wireless technology company’s stock worth $112,969,000 after buying an additional 29,287 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

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.