QUALCOMM (NASDAQ:QCOM) Stock Price Down 5.5% Following Analyst Downgrade

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Shares of QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) were down 5.5% on Thursday after Piper Sandler lowered their price target on the stock from $190.00 to $175.00. Piper Sandler currently has an overweight rating on the stock. QUALCOMM traded as low as $150.73 and last traded at $150.30. Approximately 7,172,295 shares changed hands during trading, a decline of 14% from the average daily volume of 8,381,293 shares. The stock had previously closed at $159.06.

A number of other analysts also recently issued reports on QCOM. Wall Street Zen raised shares of QUALCOMM from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a research note on Friday, May 9th. UBS Group raised their target price on shares of QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Rosenblatt Securities restated a "buy" rating and set a $225.00 target price on shares of QUALCOMM in a report on Thursday. Finally, Robert W. Baird lowered their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, QUALCOMM presently has a consensus rating of "Hold" and a consensus target price of $181.91.

Insider Activity

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the completion of the transaction, the chief financial officer directly owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. This represents a 6.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold a total of 422,499 shares of company stock valued at $8,090,351 over the last ninety days. Company insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On QUALCOMM

A number of hedge funds have recently added to or reduced their stakes in the stock. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in QUALCOMM by 565.0% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock valued at $19,098,000 after purchasing an additional 105,631 shares during the period. PFG Advisors raised its holdings in shares of QUALCOMM by 8.0% during the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company's stock valued at $663,000 after buying an additional 321 shares during the last quarter. Teza Capital Management LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of QUALCOMM by 3.3% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock worth $28,979,000 after buying an additional 6,017 shares during the period. Finally, Kanawha Capital Management LLC grew its holdings in QUALCOMM by 1.9% in the 1st quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock worth $13,120,000 after buying an additional 1,573 shares in the last quarter. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Trading Up 0.8%

The firm has a 50-day moving average of $155.05 and a 200 day moving average of $155.00. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $162.49 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 2.04 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, beating analysts' consensus estimates of $2.71 by $0.06. QUALCOMM had a return on equity of 40.44% and a net margin of 26.77%. The company had revenue of $10.37 billion for the quarter, compared to analyst estimates of $10.33 billion. During the same period last year, the company earned $2.33 earnings per share. The company's quarterly revenue was up 10.4% compared to the same quarter last year. As a group, equities analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's payout ratio is 36.25%.

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.