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

QUALCOMM Incorporated (NASDAQ:QCOM) fell 0.3% during mid-day trading on Friday . The company traded as low as $151.30 and last traded at $152.21. 1,488,514 shares changed hands during 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

A number of research firms recently issued reports on QCOM. Evercore ISI decreased their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an “in-line” rating for the company in a report on Friday, May 2nd. Piper Sandler decreased their price objective on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Seaport Res Ptn upgraded shares of QUALCOMM to a “hold” rating in a research report on Friday, May 9th. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $185.00 target price on shares of QUALCOMM in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $192.08.

QUALCOMM Trading Down 0.1%

The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $167.45 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. The firm’s 50-day simple moving average is $145.94 and its 200-day simple moving average is $156.84.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.03. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The business had revenue of $10.98 billion during the quarter, compared to analysts’ expectations of $10.58 billion. During the same quarter in the previous year, the company earned $2.44 EPS. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. Analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On QUALCOMM

Hedge funds have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. lifted its holdings in shares of QUALCOMM by 21.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company’s stock worth $4,239,000 after acquiring an additional 4,955 shares during the last quarter. Howard Bailey Securities LLC purchased a new position in shares of QUALCOMM in the fourth quarter worth $240,000. Greenup Street Wealth Management LLC purchased a new position in shares of QUALCOMM in the fourth quarter worth $2,256,000. MFA Wealth Services purchased a new position in shares of QUALCOMM in the fourth quarter worth $457,000. Finally, Clear Harbor Asset Management LLC increased its stake in shares of QUALCOMM by 28.3% in the fourth quarter. Clear Harbor Asset Management LLC now owns 14,347 shares of the wireless technology company’s stock worth $2,204,000 after buying an additional 3,162 shares during the period. 74.35% of the stock is currently 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.