QUALCOMM (NASDAQ:QCOM) Stock Price Down 1.1%

QUALCOMM Incorporated (NASDAQ:QCOM)’s stock price traded down 1.1% during trading on Wednesday . The company traded as low as $159.71 and last traded at $159.87. 779,896 shares changed hands during trading, a decline of 92% from the average session volume of 9,212,911 shares. The stock had previously closed at $161.68.

Analyst Upgrades and Downgrades

QCOM has been the topic of several recent analyst reports. KeyCorp boosted their target price on shares of QUALCOMM from $205.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $205.00 price target (up from $185.00) on shares of QUALCOMM in a research note on Thursday, August 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $215.00 price target on shares of QUALCOMM in a research note on Thursday, August 1st. Tigress Financial lifted their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Finally, HSBC lowered shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 target price on the stock. in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $210.63.

QUALCOMM Stock Performance

The company has a market capitalization of $182.50 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 1.74 and a beta of 1.28. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.78 and a current ratio of 2.39. The stock’s fifty day simple moving average is $178.40 and its 200-day simple moving average is $181.85.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.21. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. The business had revenue of $9.39 billion for the quarter, compared to analyst estimates of $9.23 billion. As a group, equities analysts predict that QUALCOMM Incorporated will post 7.98 earnings per share for the current year.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Thursday, September 5th. QUALCOMM’s payout ratio is 45.70%.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the transaction, the chief financial officer now owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $160.50, for a total value of $1,284,000.00. Following the transaction, the chief technology officer now owns 229,987 shares in the company, valued at $36,912,913.50. The disclosure for this sale can be found here. In the last three months, insiders sold 19,000 shares of company stock valued at $3,496,590. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On QUALCOMM

Hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in QUALCOMM by 8.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after acquiring an additional 1,909,025 shares during the last quarter. Norges Bank bought a new position in QUALCOMM in the fourth quarter valued at $2,507,978,000. Legal & General Group Plc boosted its position in QUALCOMM by 0.9% during the second quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock valued at $1,999,114,000 after buying an additional 86,195 shares during the period. Matrix Capital Management Company LP bought a new stake in shares of QUALCOMM in the first quarter worth about $1,171,516,000. Finally, Putnam Investments LLC grew its holdings in shares of QUALCOMM by 4.3% during the 4th quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock worth $917,051,000 after acquiring an additional 263,482 shares during the period. Institutional investors own 74.35% of the company’s stock.

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.