Qualcomm Incorporated (NASDAQ:QCOM – Get Free Report) shares traded down 11.1% during trading on Friday. The stock traded as low as $161.72 and last traded at $164.79. Approximately 23,945,238 shares changed hands during mid-day trading, an increase of 59% from the average daily volume of 15,066,937 shares. The stock had previously closed at $185.41.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on QCOM shares. Citigroup dropped their target price on Qualcomm from $198.00 to $175.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. The Goldman Sachs Group set a $160.00 price target on Qualcomm in a research report on Thursday, July 30th. Barclays reiterated an “underweight” rating on shares of Qualcomm in a research report on Wednesday, September 9th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Qualcomm in a research report on Wednesday, September 9th. Finally, Zacks Research lowered Qualcomm from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-one have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Qualcomm has an average rating of “Hold” and a consensus price target of $205.83.
Read Our Latest Analysis on QCOM
Qualcomm Stock Down 11.1%
The company has a market capitalization of $175.97 billion, a P/E ratio of 19.07, a PEG ratio of 4.12 and a beta of 1.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.28. The company has a 50 day moving average of $177.75 and a 200-day moving average of $169.46.
Qualcomm (NASDAQ:QCOM – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The wireless technology company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.23 by ($0.02). Qualcomm had a net margin of 21.01% and a return on equity of 38.36%. The business had revenue of $9.95 billion for the quarter, compared to the consensus estimate of $9.69 billion. During the same period in the previous year, the company earned $2.77 EPS. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. As a group, equities analysts anticipate that Qualcomm Incorporated will post 7.71 EPS for the current year.
Qualcomm Dividend Announcement
The firm 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 dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $3.68 annualized dividend and a dividend yield of 2.2%. Qualcomm’s payout ratio is 42.59%.
Insider Activity
In related news, CAO Patricia Grech sold 625 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $162.85, for a total transaction of $101,781.25. Following the completion of the transaction, the chief accounting officer owned 208 shares in the company, valued at $33,872.80. This represents a 75.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather Ace sold 3,200 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $147.04, for a total value of $470,528.00. Following the completion of the sale, the executive vice president directly owned 36,535 shares of the company’s stock, valued at $5,372,106.40. The trade was a 8.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 33,458 shares of company stock valued at $6,198,144. 0.05% of the stock is owned by insiders.
Institutional Investors Weigh In On Qualcomm
Several institutional investors and hedge funds have recently modified their holdings of QCOM. Baxter Bros Inc. purchased a new position in shares of Qualcomm in the 2nd quarter valued at approximately $17,844,000. Y Intercept Hong Kong Ltd purchased a new stake in Qualcomm in the second quarter worth $28,068,000. Tensor Edge Capital LLC bought a new position in Qualcomm in the second quarter worth $147,315,000. Sawyer & Company Inc bought a new position in Qualcomm in the third quarter worth $2,403,000. Finally, Robinson Value Management Ltd. lifted its position in Qualcomm by 40.5% during the third quarter. Robinson Value Management Ltd. now owns 34,184 shares of the wireless technology company’s stock valued at $6,291,000 after buying an additional 9,858 shares during the period. 74.35% of the stock is owned by hedge funds and other institutional investors.
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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