QUALCOMM (NASDAQ:QCOM) Shares Down 1.6% – Here’s What Happened

QUALCOMM Incorporated (NASDAQ:QCOM) shares dropped 1.6% on Friday . The stock traded as low as $155.55 and last traded at $156.61. Approximately 1,639,871 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 6,226,186 shares. The stock had previously closed at $159.08.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on QCOM. Sanford C. Bernstein increased their price objective on shares of QUALCOMM from $200.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. TD Cowen raised shares of QUALCOMM to a “strong-buy” rating in a research note on Monday, September 16th. Evercore ISI upped their price target on QUALCOMM from $190.00 to $199.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Melius Research assumed coverage on shares of QUALCOMM in a report on Monday, December 9th. They set a “hold” rating and a $180.00 price target on the stock. Finally, Melius 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. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $207.11.

QUALCOMM Price Performance

The business’s 50-day moving average price is $159.67 and its 200 day moving average price is $170.11. The company has a quick ratio of 1.79, a current ratio of 2.40 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $174.40 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 2.65 and a beta of 1.25.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results 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. QUALCOMM had a net margin of 26.03% and a return on equity of 38.81%. The firm had revenue of $10.24 billion during the quarter, compared to analyst estimates of $9.90 billion. Analysts anticipate that QUALCOMM Incorporated will post 9.09 EPS for the current fiscal year.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, General Counsel Ann C. Chaplin sold 1,901 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $165.06, for a total transaction of $313,779.06. Following the sale, the general counsel now owns 12,007 shares in the company, valued at $1,981,875.42. This trade represents a 13.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Neil Martin sold 1,304 shares of QUALCOMM stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $155.00, for a total value of $202,120.00. Following the sale, the chief accounting officer now directly owns 94 shares of the company’s stock, valued at approximately $14,570. This trade represents a 93.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,882 shares of company stock valued at $4,314,649 in the last 90 days. Corporate insiders own 0.08% of the company’s stock.

Institutional Trading of QUALCOMM

Hedge funds have recently bought and sold shares of the company. RMR Wealth Builders raised its stake in shares of QUALCOMM by 7.7% during the fourth quarter. RMR Wealth Builders now owns 9,173 shares of the wireless technology company’s stock worth $1,409,000 after acquiring an additional 659 shares in the last quarter. HBW Advisory Services LLC raised its position in QUALCOMM by 15.5% in the 4th quarter. HBW Advisory Services LLC now owns 2,170 shares of the wireless technology company’s stock worth $333,000 after purchasing an additional 291 shares during the period. Highline Wealth Partners LLC lifted its stake in QUALCOMM by 9.7% in the fourth quarter. Highline Wealth Partners LLC now owns 11,146 shares of the wireless technology company’s stock worth $1,712,000 after purchasing an additional 988 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in QUALCOMM by 3.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 12,730 shares of the wireless technology company’s stock worth $1,956,000 after purchasing an additional 377 shares during the last quarter. Finally, Ridgewood Investments LLC boosted its position in QUALCOMM by 43.8% during the fourth quarter. Ridgewood Investments LLC now owns 12,858 shares of the wireless technology company’s stock valued at $1,975,000 after buying an additional 3,917 shares during the period. 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.