QUALCOMM (NASDAQ:QCOM) Stock Price Down 1.2% – Here’s What Happened

QUALCOMM Incorporated (NASDAQ:QCOM) was down 1.2% on Friday . The stock traded as low as $155.52 and last traded at $156.57. Approximately 754,419 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 8,914,922 shares. The stock had previously closed at $158.53.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on QCOM. Morgan Stanley reduced their target price on QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 7th. Benchmark restated a “buy” rating and issued a $240.00 price objective on shares of QUALCOMM in a report on Thursday, November 7th. Melius Research assumed coverage on shares of QUALCOMM in a research note on Monday, December 9th. They set a “hold” rating and a $180.00 target price on the stock. Wells Fargo & Company increased their price target on shares of QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. cut their price objective on QUALCOMM from $210.00 to $195.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $208.00.

QUALCOMM Stock Performance

The company has a market cap of $173.89 billion, a P/E ratio of 17.41, a PEG ratio of 2.65 and a beta of 1.25. The business’s 50 day simple moving average is $162.39 and its 200 day simple moving average is $174.82. The company has a current ratio of 2.40, a quick ratio of 1.79 and a debt-to-equity ratio of 0.51.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.01 by $0.25. The firm had revenue of $10.24 billion for the quarter, compared to the consensus estimate of $9.90 billion. QUALCOMM had a net margin of 26.03% and a return on equity of 38.81%. Sell-side analysts predict that QUALCOMM Incorporated will post 9.09 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were given a $0.85 dividend. The ex-dividend date was Thursday, December 5th. This represents a $3.40 annualized dividend and a dividend yield of 2.17%. QUALCOMM’s payout ratio is 37.82%.

Insider Buying and Selling

In related news, General Counsel Ann C. Chaplin sold 2,587 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $158.12, for a total transaction of $409,056.44. Following the completion of the transaction, the general counsel now owns 19,739 shares in the company, valued at approximately $3,121,130.68. This represents a 11.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total transaction of $497,850.00. Following the transaction, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at $8,535,970.15. The trade was a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,127 shares of company stock worth $6,710,055. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA raised its holdings in shares of QUALCOMM by 1,778.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company’s stock worth $641,221,000 after acquiring an additional 3,047,947 shares in the last quarter. Pacer Advisors Inc. raised its stake in QUALCOMM by 1,702.6% during the third quarter. Pacer Advisors Inc. now owns 3,191,342 shares of the wireless technology company’s stock valued at $542,688,000 after purchasing an additional 3,014,302 shares in the last quarter. International Assets Investment Management LLC raised its stake in QUALCOMM by 17,357.3% during the third quarter. International Assets Investment Management LLC now owns 2,936,310 shares of the wireless technology company’s stock valued at $499,320,000 after purchasing an additional 2,919,490 shares in the last quarter. Geode Capital Management LLC lifted its position in QUALCOMM by 7.9% during the third quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock valued at $4,600,625,000 after purchasing an additional 1,989,725 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of QUALCOMM by 30.2% in the 3rd quarter. Van ECK Associates Corp now owns 7,506,863 shares of the wireless technology company’s stock worth $1,250,644,000 after buying an additional 1,741,432 shares during the last quarter. 74.35% of the stock is 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.