QUALCOMM (NASDAQ:QCOM) Shares Down 2.7% – Here’s What Happened

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price dropped 2.7% during trading on Friday . The company traded as low as $153.67 and last traded at $153.69. Approximately 1,219,186 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 8,196,183 shares. The stock had previously closed at $157.97.

Wall Street Analyst Weigh In

QCOM has been the topic of a number of recent analyst reports. Benchmark reiterated a “buy” rating and set a $240.00 target price on shares of QUALCOMM in a research report on Friday, February 7th. Piper Sandler decreased their price objective on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Rosenblatt Securities reissued a “buy” rating and set a $250.00 target price on shares of QUALCOMM in a research note on Thursday, February 6th. Melius Research initiated coverage on shares of QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 price target on the stock. Finally, Melius assumed coverage on QUALCOMM in a report on Monday, December 9th. They issued a “hold” rating and a $180.00 price objective on the stock. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.32.

QUALCOMM Price Performance

The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The stock’s 50-day moving average is $164.40 and its two-hundred day moving average is $163.88. The stock has a market cap of $169.53 billion, a PE ratio of 16.37, a PEG ratio of 2.01 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. On average, equities analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th were given a dividend of $0.85 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $3.40 annualized dividend and a dividend yield of 2.22%. QUALCOMM’s dividend payout ratio is presently 36.32%.

Insider Activity at QUALCOMM

In other news, insider Alexander H. Rogers sold 19,287 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $169.83, for a total value 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. This trade represents a 48.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Neil Martin sold 744 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the transaction, the chief accounting officer now directly owns 461 shares of the company’s stock, valued at $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. Over the last quarter, insiders sold 27,968 shares of company stock worth $4,685,077. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On QUALCOMM

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mascagni Wealth Management Inc. acquired a new stake in QUALCOMM in the fourth quarter valued at approximately $30,000. Fairtree Asset Management Pty Ltd purchased a new stake in shares of QUALCOMM in the 4th quarter valued at approximately $1,704,000. DSG Capital Advisors LLC purchased a new stake in shares of QUALCOMM during the 4th quarter worth $1,601,000. Chancellor Financial Group WB LP purchased a new stake in shares of QUALCOMM during the 4th quarter worth $224,000. Finally, 111 Capital purchased a new position in QUALCOMM in the fourth quarter valued at $4,716,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

About QUALCOMM

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.