QUALCOMM (NASDAQ:QCOM) Price Target Cut to $185.00

QUALCOMM (NASDAQ:QCOM) had its price objective reduced by Citigroup from $200.00 to $185.00 in a report released on Wednesday, Marketbeat Ratings reports. They currently have a neutral rating on the wireless technology company’s stock.

Other equities research analysts have also recently issued reports about the stock. DZ Bank raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a research report on Friday, August 2nd. Rosenblatt Securities boosted their price target on QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Susquehanna increased their price objective on QUALCOMM from $205.00 to $250.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Cantor Fitzgerald dropped their target price on QUALCOMM from $215.00 to $160.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Finally, KeyCorp downgraded QUALCOMM from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and a consensus price target of $208.75.

QUALCOMM Stock Performance

Shares of NASDAQ:QCOM opened at $170.92 on Wednesday. The firm’s 50 day simple moving average is $169.11 and its 200 day simple moving average is $182.19. QUALCOMM has a fifty-two week low of $104.33 and a fifty-two week high of $230.63. The company has a market capitalization of $190.75 billion, a price-to-earnings ratio of 22.97, a P/E/G ratio of 1.79 and a beta of 1.28. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.21. The company had revenue of $9.39 billion during the quarter, compared to analyst estimates of $9.23 billion. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. As a group, sell-side analysts forecast that QUALCOMM will post 8.02 earnings per share for the current year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a dividend of $0.85 per share. The ex-dividend date is Thursday, December 5th. This represents a $3.40 annualized dividend and a yield of 1.99%. QUALCOMM’s payout ratio is currently 45.70%.

Insider Activity at QUALCOMM

In other news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total value of $1,358,400.00. Following the completion of the sale, the chief technology officer now owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at approximately $8,535,970.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the completion of the transaction, the chief technology officer now directly owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,245 shares of company stock worth $3,679,407 in the last ninety days. 0.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Congress Asset Management Co. MA acquired a new stake in shares of QUALCOMM during the fourth quarter valued at about $222,000. Signal Advisors Wealth LLC acquired a new position in QUALCOMM in the 1st quarter valued at approximately $612,000. Legacy Private Trust Co. raised its stake in shares of QUALCOMM by 12.1% during the first quarter. Legacy Private Trust Co. now owns 3,084 shares of the wireless technology company’s stock valued at $522,000 after acquiring an additional 332 shares during the last quarter. St. Louis Financial Planners Asset Management LLC bought a new stake in shares of QUALCOMM in the first quarter worth $1,884,000. Finally, Wedmont Private Capital increased its holdings in QUALCOMM by 7.4% in the first quarter. Wedmont Private Capital now owns 9,106 shares of the wireless technology company’s stock valued at $1,599,000 after purchasing an additional 631 shares during the period. 74.35% of the stock is currently owned by institutional investors and hedge funds.

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.