Shares of Qualcomm Incorporated (NASDAQ:QCOM – Get Free Report) gapped down prior to trading on Thursday after Susquehanna lowered their price target on the stock from $185.00 to $165.00. The stock had previously closed at $173.19, but opened at $150.06. Susquehanna currently has a neutral rating on the stock. Qualcomm shares last traded at $157.0070, with a volume of 4,894,688 shares trading hands.
Other research analysts have also recently issued reports about the company. Arete Research upgraded Qualcomm to a “strong-buy” rating in a report on Friday, October 16th. Evercore set a $159.00 target price on Qualcomm in a research report on Thursday, July 30th. Rosenblatt Securities reissued a “buy” rating and set a $235.00 price objective on shares of Qualcomm in a research report on Wednesday, September 9th. Cantor Fitzgerald reduced their price objective on shares of Qualcomm from $200.00 to $165.00 and set a “neutral” rating on the stock in a report on Monday, July 27th. Finally, Citigroup decreased their target price on shares of Qualcomm from $198.00 to $175.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, twenty-one have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $202.03.
Get Our Latest Research Report on QCOM
Insider Buying and Selling at Qualcomm
In related news, CAO Patricia Y. Grech sold 625 shares of Qualcomm stock in a transaction on Friday, August 21st. The shares were sold at an average price of $162.85, for a total value of $101,781.25. Following the transaction, the chief accounting officer directly owned 208 shares in the company, valued at $33,872.80. This trade represents a 75.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Akash J. Palkhiwala sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $182.85, for a total value of $457,125.00. Following the sale, the executive vice president directly owned 18,184 shares in the company, valued at $3,324,944.40. This trade represents a 12.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 30,258 shares of company stock worth $5,727,616. 0.05% of the stock is currently owned by company insiders.
Trending Headlines about Qualcomm
Here are the key news stories impacting Qualcomm this week:
- Positive Sentiment: SpaceX selected Qualcomm’s Dragonwing platforms and software for the terrestrial 5G network planned for Starlink Mobile. The multiyear deal could add a major customer and diversify Qualcomm beyond handsets, though its near-term financial contribution is not specified. Reuters article on Qualcomm’s SpaceX deal
- Positive Sentiment: Automotive and IoT growth, along with a ramp in data-center activity, offer longer-term diversification. Qualcomm said non-handset products are expected to account for half of chip sales this fiscal year. Earnings call highlights
- Negative Sentiment: The main concern is handset weakness: smartphone-chip sales fell sharply, weighing on revenue and chip margins amid memory-related pressure on phone demand. Revenue declined about 8% year over year. Reuters report on handset sales and data-center momentum
- Negative Sentiment: Although fiscal Q4 EPS of $2.17 and revenue of $10.44 billion beat consensus, investors reacted to a softer profit outlook and continued margin pressure as newer businesses grow. Susquehanna also cut its price target to $165 from $185 and maintained a neutral rating. Article on Qualcomm’s guidance and handset slump
Institutional Trading of Qualcomm
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Qualcomm in the 2nd quarter worth $17,583,115,000. State Street Corp raised its stake in shares of Qualcomm by 1.3% in the second quarter. State Street Corp now owns 52,763,263 shares of the wireless technology company’s stock worth $9,750,123,000 after purchasing an additional 671,537 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Qualcomm by 22.7% during the second quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company’s stock valued at $3,178,872,000 after purchasing an additional 3,179,720 shares in the last quarter. Amundi lifted its holdings in shares of Qualcomm by 94.1% during the second quarter. Amundi now owns 10,195,741 shares of the wireless technology company’s stock valued at $1,884,071,000 after purchasing an additional 4,942,908 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Qualcomm during the second quarter valued at $1,523,930,000. 74.35% of the stock is owned by hedge funds and other institutional investors.
Qualcomm Price Performance
The firm has a 50-day moving average of $178.23 and a 200 day moving average of $169.48. The company has a market capitalization of $163.99 billion, a PE ratio of 17.90, a PEG ratio of 3.70 and a beta of 1.70. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.28.
Qualcomm (NASDAQ:QCOM – Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The wireless technology company reported $2.17 EPS for the quarter, topping the consensus estimate of $2.16 by $0.01. Qualcomm had a return on equity of 38.36% and a net margin of 21.01%. The company had revenue of $10.44 billion during the quarter, compared to analyst estimates of $10.12 billion. During the same quarter in the previous year, the company posted $3.00 earnings per share. Qualcomm’s revenue was down 8.4% compared to the same quarter last year. As a group, research analysts anticipate that Qualcomm Incorporated will post 7.71 earnings per share for the current fiscal year.
Qualcomm Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $3.68 annualized dividend and a dividend yield of 2.4%. Qualcomm’s dividend payout ratio is currently 42.59%.
Qualcomm Company Profile
Qualcomm Incorporated is a technology company that develops and commercializes wireless communications and semiconductor technologies. Through Qualcomm Technologies, Inc, the company designs integrated circuits, system software and related platforms used in smartphones, personal computers, automobiles, industrial equipment, consumer devices and other connected products. Its Snapdragon platforms support mobile computing, connectivity, artificial intelligence and multimedia applications, while its broader portfolio includes radio-frequency systems, networking and edge-computing technologies.
Qualcomm also operates a significant technology-licensing business through its Qualcomm Technology Licensing segment.
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