QUALCOMM (NASDAQ:QCOM) Stock Price Down 2.4% - Here's Why

Shares of QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) were down 2.4% during mid-day trading on Monday . The company traded as low as $153.55 and last traded at $153.63. Approximately 2,247,350 shares traded hands during trading, a decline of 74% from the average daily volume of 8,509,617 shares. The stock had previously closed at $157.46.

Analyst Upgrades and Downgrades

QCOM has been the subject of several research analyst reports. Benchmark cut their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. TD Cowen decreased their price target on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Loop Capital dropped their price objective on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Wall Street Zen lowered shares of QUALCOMM from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of QUALCOMM from $185.00 to $190.00 and gave the stock an "overweight" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, QUALCOMM presently has a consensus rating of "Hold" and an average price target of $186.61.

QUALCOMM Trading Down 0.9%

The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The company has a market capitalization of $167.57 billion, a price-to-earnings ratio of 15.54, a P/E/G ratio of 1.99 and a beta of 1.26. The business's 50-day simple moving average is $153.60 and its 200-day simple moving average is $154.97.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating the consensus estimate of $2.82 by $0.03. The company had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The business's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.44 EPS. On average, research analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

Insider Activity

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company'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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the transaction, the insider directly owned 22,793 shares of the company's stock, valued at approximately $3,139,507.82. The trade was a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock valued at $8,310,735 in the last ninety days. 0.08% of the stock is owned by insiders.

Institutional Investors Weigh In On QUALCOMM

Several large investors have recently made changes to their positions in QCOM. Banque Transatlantique SA bought a new position in shares of QUALCOMM during the fourth quarter worth about $26,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after acquiring an additional 70 shares during the last quarter. Vermillion & White Wealth Management Group LLC boosted its holdings in shares of QUALCOMM by 122.4% in the 1st quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company's stock valued at $26,000 after buying an additional 93 shares during the last quarter. WFA Asset Management Corp acquired a new stake in QUALCOMM in the first quarter valued at $27,000. Finally, Sunbeam Capital Management LLC bought a new position in shares of QUALCOMM in the 4th quarter valued at about $29,000. 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.