QUALCOMM (NASDAQ:QCOM) Trading Down 1.5% - Here's What Happened

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) fell 1.5% on Friday . The stock traded as low as $145.87 and last traded at $146.17. 1,071,818 shares changed hands during trading, a decline of 88% from the average session volume of 8,774,590 shares. The stock had previously closed at $148.34.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wells Fargo & Company lowered their target price on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Wall Street Zen cut shares of QUALCOMM from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald restated a "neutral" rating and issued a $150.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Loop Capital decreased their target price on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Finally, Citigroup lowered their price target on QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $189.88.

QUALCOMM Trading Up 1.0%

The stock has a market cap of $161.00 billion, a P/E ratio of 15.67, a P/E/G ratio of 2.01 and a beta of 1.29. 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 company has a 50-day simple moving average of $144.30 and a 200-day simple moving average of $155.53.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.03. The company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The company's revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.44 EPS. On average, sell-side analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.43%. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is 36.25%.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 269 shares of the firm's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $131.10, for a total transaction of $35,265.90. Following the sale, the chief financial officer now owns 57,728 shares of the company's stock, valued at approximately $7,568,140.80. This trade represents a 0.46% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction dated Friday, May 23rd. The stock was 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 421,731 shares of company stock valued at $7,894,997 over the last three months. Company insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On QUALCOMM

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in QUALCOMM in the fourth quarter valued at $2,721,882,000. Amundi boosted its position in QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after purchasing an additional 3,905,918 shares during the period. Nuveen LLC acquired a new position in shares of QUALCOMM in the first quarter valued at $529,713,000. Raymond James Financial Inc. bought a new position in shares of QUALCOMM in the fourth quarter valued at about $527,053,000. Finally, GAMMA Investing LLC lifted its stake in shares of QUALCOMM by 20,700.4% during the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock worth $501,192,000 after buying an additional 3,247,068 shares during the last quarter. 74.35% of the stock is 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.