QUALCOMM (NASDAQ:QCOM) Shares Down 4.4% – Here’s Why

QUALCOMM Incorporated (NASDAQ:QCOM) dropped 4.4% during mid-day trading on Tuesday . The company traded as low as $172.29 and last traded at $172.84. Approximately 12,140,335 shares were traded during trading, an increase of 40% from the average daily volume of 8,643,163 shares. The stock had previously closed at $180.72.

Analysts Set New Price Targets

QCOM has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on QUALCOMM from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Tuesday. Citigroup lifted their target price on QUALCOMM from $170.00 to $175.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. UBS Group set a $165.00 target price on QUALCOMM in a research report on Monday, October 27th. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 target price on shares of QUALCOMM in a research report on Tuesday, October 28th. Finally, Arete Research set a $200.00 price objective on QUALCOMM in a report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, QUALCOMM presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.41.

QUALCOMM Stock Performance

The company has a quick ratio of 2.38, a current ratio of 3.19 and a debt-to-equity ratio of 0.54. The stock has a 50 day simple moving average of $166.34 and a 200 day simple moving average of $157.13. The company has a market capitalization of $186.49 billion, a price-to-earnings ratio of 16.67, a P/E/G ratio of 2.59 and a beta of 1.23.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be given a dividend of $0.89 per share. The ex-dividend date is Thursday, December 4th. This represents a $3.56 annualized dividend and a dividend yield of 2.1%. QUALCOMM’s payout ratio is currently 34.33%.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 8,335 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $166.06, for a total transaction of $1,384,110.10. Following the completion of the transaction, the chief financial officer directly owned 36,541 shares in the company, valued at approximately $6,067,998.46. The trade was a 18.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Neil Martin sold 791 shares of the business’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $154.82, for a total value of $122,462.62. Following the transaction, the chief accounting officer owned 1,106 shares of the company’s stock, valued at approximately $171,230.92. This represents a 41.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 163,169 shares of company stock valued at $26,978,998. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On QUALCOMM

Several hedge funds and other institutional investors have recently bought and sold shares of QCOM. waypoint wealth counsel lifted its position in shares of QUALCOMM by 2.2% during the 3rd quarter. waypoint wealth counsel now owns 2,863 shares of the wireless technology company’s stock valued at $476,000 after acquiring an additional 61 shares during the last quarter. Greykasell Wealth Strategies Inc. lifted its position in shares of QUALCOMM by 1.5% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 4,126 shares of the wireless technology company’s stock valued at $686,000 after acquiring an additional 61 shares during the last quarter. Baron Wealth Management LLC lifted its position in shares of QUALCOMM by 4.5% during the 3rd quarter. Baron Wealth Management LLC now owns 1,431 shares of the wireless technology company’s stock valued at $238,000 after acquiring an additional 62 shares during the last quarter. Avion Wealth lifted its position in shares of QUALCOMM by 16.7% during the 2nd quarter. Avion Wealth now owns 441 shares of the wireless technology company’s stock valued at $70,000 after acquiring an additional 63 shares during the last quarter. Finally, Insight Advisors LLC PA lifted its position in shares of QUALCOMM by 1.8% during the 2nd quarter. Insight Advisors LLC PA now owns 3,488 shares of the wireless technology company’s stock valued at $556,000 after acquiring an additional 63 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors.

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.