QUALCOMM (NASDAQ:QCOM) Stock Price Down 0.3% – Here’s Why

QUALCOMM Incorporated (NASDAQ:QCOM) traded down 0.3% during trading on Friday . The stock traded as low as $151.30 and last traded at $152.21. 1,488,514 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 8,890,093 shares. The stock had previously closed at $152.61.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. TD Cowen decreased their target price on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Loop Capital reduced their price objective on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. Benchmark reduced their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Rosenblatt Securities reissued a “buy” rating and set a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. Finally, Evercore ISI reduced their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $192.08.

QUALCOMM Trading Down 0.1%

The company has a market cap of $167.45 billion, a P/E ratio of 16.29, a PEG ratio of 2.01 and a beta of 1.29. The stock’s 50 day moving average is $145.94 and its 200-day moving average is $156.84. The company has a current ratio of 2.62, a quick ratio of 1.99 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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.82 by $0.03. The company had revenue of $10.98 billion for the quarter, compared to analysts’ expectations of $10.58 billion. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. QUALCOMM’s revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.44 EPS. Research analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be paid a $0.89 dividend. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a yield of 2.33%. QUALCOMM’s payout ratio is presently 36.25%.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the company’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $139.77, for a total transaction of $465,853.41. Following the transaction, the chief financial officer now owns 53,112 shares in the company, valued at approximately $7,423,464.24. This represents a 5.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Neil Martin sold 744 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the transaction, the chief accounting officer now owns 461 shares in the company, valued at $80,596.63. This represents a 61.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,312 shares of company stock worth $1,948,379 in the last quarter. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On QUALCOMM

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Kohmann Bosshard Financial Services LLC bought a new position in shares of QUALCOMM in the 4th quarter worth approximately $26,000. Banque Transatlantique SA bought a new position in shares of QUALCOMM in the 4th quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock worth $26,000 after purchasing an additional 70 shares during the period. Vermillion & White Wealth Management Group LLC lifted its stake in shares of QUALCOMM by 122.4% in the 1st quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company’s stock worth $26,000 after purchasing an additional 93 shares during the period. Finally, CKW Financial Group bought a new position in shares of QUALCOMM in the 4th quarter worth approximately $27,000. 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.