Wells Fargo & Company Has Lowered Expectations for QUALCOMM (NASDAQ:QCOM) Stock Price

QUALCOMM (NASDAQ:QCOM) had its price target lowered by Wells Fargo & Company from $175.00 to $140.00 in a report published on Thursday,Benzinga reports. The firm currently has an underweight rating on the wireless technology company’s stock.

Other analysts also recently issued reports about the stock. Benchmark lowered their price target on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday. StockNews.com cut QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 12th. Susquehanna reduced their price target on QUALCOMM from $210.00 to $190.00 and set a “positive” rating for the company in a report on Thursday. Barclays dropped their price objective on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $185.00 target price on shares of QUALCOMM in a research note on Tuesday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $194.11.

QUALCOMM Trading Down 8.9 %

NASDAQ QCOM opened at $135.21 on Thursday. The company has a fifty day moving average of $148.16 and a 200 day moving average of $158.76. The company has a market capitalization of $149.54 billion, a PE ratio of 14.45, a P/E/G ratio of 2.01 and a beta of 1.28. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. QUALCOMM has a 1 year low of $120.80 and a 1 year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. During the same period last year, the company earned $2.44 earnings per share. QUALCOMM’s revenue for the quarter was up 17.0% compared to the same quarter last year. Research analysts forecast that QUALCOMM will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a $0.89 dividend. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM’s dividend payout ratio is currently 36.25%.

Insider Buying and Selling

In other news, CFO Akash J. Palkhiwala sold 3,337 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $156.82, for a total transaction of $523,308.34. Following the sale, the chief financial officer now owns 59,778 shares of the company’s stock, valued at approximately $9,374,385.96. This represents a 5.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alexander H. Rogers sold 19,287 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the sale, the insider now directly owns 20,762 shares in the company, valued at approximately $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,666 shares of company stock valued at $5,047,052. Company insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Eagle Strategies LLC raised its position in QUALCOMM by 4.3% in the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company’s stock valued at $219,000 after purchasing an additional 59 shares in the last quarter. Clark Capital Management Group Inc. increased its stake in shares of QUALCOMM by 3.6% during the fourth quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company’s stock worth $264,000 after buying an additional 59 shares during the period. TBH Global Asset Management LLC raised its holdings in QUALCOMM by 0.9% in the fourth quarter. TBH Global Asset Management LLC now owns 7,050 shares of the wireless technology company’s stock valued at $1,083,000 after acquiring an additional 63 shares in the last quarter. PDS Planning Inc lifted its stake in QUALCOMM by 1.6% in the fourth quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company’s stock worth $631,000 after acquiring an additional 64 shares during the last quarter. Finally, Toth Financial Advisory Corp lifted its stake in QUALCOMM by 3.1% in the fourth quarter. Toth Financial Advisory Corp now owns 2,190 shares of the wireless technology company’s stock worth $336,000 after acquiring an additional 65 shares during the last quarter. 74.35% of the stock is currently owned by hedge funds and other 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.