QUALCOMM (NASDAQ:QCOM) Trading Down 0.6% – Here’s Why

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price fell 0.6% during mid-day trading on Tuesday . The company traded as low as $151.93 and last traded at $152.73. 957,083 shares traded hands during trading, a decline of 89% from the average session volume of 8,888,151 shares. The stock had previously closed at $153.70.

Analyst Upgrades and Downgrades

QCOM has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. StockNews.com cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 12th. Benchmark lowered their target price on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Loop Capital cut their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. Finally, Piper Sandler lowered their target price on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $192.08.

QUALCOMM Trading Down 0.1%

The stock has a market cap of $168.62 billion, a P/E ratio of 16.35, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. The firm’s 50 day simple moving average is $145.96 and its two-hundred day simple moving average is $156.72. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.03. The business had revenue of $10.98 billion for the quarter, compared to analysts’ expectations of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The business’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 EPS. As a group, equities research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Thursday, June 5th. QUALCOMM’s payout ratio is currently 36.25%.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 269 shares of QUALCOMM stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $131.10, for a total value of $35,265.90. Following the transaction, the chief financial officer now owns 57,728 shares in the company, valued at approximately $7,568,140.80. The trade was a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Neil Martin sold 744 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $174.83, for a total value of $130,073.52. Following the sale, the chief accounting officer now directly owns 461 shares of the company’s stock, valued at approximately $80,596.63. This represents a 61.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,312 shares of company stock valued at $1,948,379. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On QUALCOMM

Large investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. boosted its stake in shares of QUALCOMM by 21.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company’s stock valued at $4,239,000 after buying an additional 4,955 shares during the period. Howard Bailey Securities LLC acquired a new stake in shares of QUALCOMM during the 4th quarter valued at about $240,000. Greenup Street Wealth Management LLC bought a new position in QUALCOMM during the fourth quarter valued at approximately $2,256,000. MFA Wealth Services acquired a new position in shares of QUALCOMM during the 4th quarter worth $457,000. Finally, Clear Harbor Asset Management LLC raised its holdings in shares of QUALCOMM by 28.3% during the 4th quarter. Clear Harbor Asset Management LLC now owns 14,347 shares of the wireless technology company’s stock valued at $2,204,000 after purchasing an additional 3,162 shares in the last quarter. Institutional investors and hedge funds 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.