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

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) shares traded down 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.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Citigroup reduced their price target on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Evercore ISI reduced their price target on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research report on Friday, May 2nd. Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a research report on Friday, May 9th. Finally, Robert W. Baird reduced their price target on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $192.08.

QUALCOMM Price Performance

The stock has a market cap of $159.45 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 2.01 and a beta of 1.29. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The company's fifty day moving average is $144.30 and its two-hundred day moving average is $155.62.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the previous year, the business earned $2.44 EPS. The company's quarterly revenue was up 17.0% compared to the same quarter last year. As a group, research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be issued 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 2.45%. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's payout ratio is 36.25%.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,337 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $156.82, for a total transaction of $523,308.34. Following the transaction, the chief financial officer now owns 59,778 shares in the company, valued at approximately $9,374,385.96. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 425,068 shares of company stock valued at $8,418,305 in the last 90 days. Company insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On QUALCOMM

Institutional investors and hedge funds have recently made changes to their positions in the business. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $26,000. Banque Transatlantique SA acquired a new position in shares of QUALCOMM during the fourth quarter worth about $26,000. Atlantic Edge Private Wealth Management LLC increased its stake in shares of QUALCOMM by 70.0% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after acquiring an additional 70 shares during the period. Vermillion & White Wealth Management Group LLC increased its stake in shares of QUALCOMM by 122.4% during the first quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company's stock worth $26,000 after acquiring an additional 93 shares during the period. Finally, WFA Asset Management Corp acquired a new position in shares of QUALCOMM during the first quarter worth about $27,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

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.