Qualcomm (NASDAQ:QCOM) Stock Falls 1.6% – Here’s What Happened

Qualcomm Incorporated (NASDAQ:QCOM)’s share price fell 1.6% on Monday. The stock traded as low as $161.46 and last traded at $162.08. 10,917,731 shares were traded during mid-day trading, a decline of 27% from the average session volume of 15,048,443 shares. The stock had previously closed at $164.79.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Qualcomm in a research note on Monday, September 21st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $235.00 price target on shares of Qualcomm in a research report on Wednesday, September 9th. Dbs Bank upgraded shares of Qualcomm to a “moderate buy” rating in a research note on Tuesday, July 7th. Citigroup cut their price objective on shares of Qualcomm from $198.00 to $175.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Finally, Barclays reaffirmed an “underweight” rating on shares of Qualcomm in a report on Wednesday, September 9th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-one have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Qualcomm presently has a consensus rating of “Hold” and a consensus price target of $205.48.

Qualcomm Stock Performance

The business’s 50 day simple moving average is $177.83 and its two-hundred day simple moving average is $169.44. The firm has a market capitalization of $173.08 billion, a PE ratio of 18.76, a price-to-earnings-growth ratio of 3.71 and a beta of 1.70. The company has a current ratio of 2.02, a quick ratio of 1.28 and a debt-to-equity ratio of 0.46.

Qualcomm Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Thursday, December 3rd. Qualcomm’s dividend payout ratio is 42.59%.

Insider Buying and Selling at Qualcomm

In other news, EVP Akash Palkhiwala sold 2,500 shares of Qualcomm stock in a transaction on Friday, September 11th. The shares were sold at an average price of $182.85, for a total transaction of $457,125.00. Following the transaction, the executive vice president owned 18,184 shares in the company, valued at $3,324,944.40. This trade represents a 12.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cristiano Amon sold 10,000 shares of the company’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $200.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief executive officer owned 177,568 shares of the company’s stock, valued at $35,513,600. This trade represents a 5.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 30,258 shares of company stock valued at $5,727,616 over the last three months. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Qualcomm

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Qualcomm in the second quarter worth $17,583,115,000. State Street Corp increased its stake in Qualcomm by 1.3% in the 2nd quarter. State Street Corp now owns 52,763,263 shares of the wireless technology company’s stock worth $9,750,123,000 after buying an additional 671,537 shares in the last quarter. Van ECK Associates Corp raised its holdings in Qualcomm by 22.7% during the second quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company’s stock valued at $3,178,872,000 after acquiring an additional 3,179,720 shares during the period. Amundi lifted its position in shares of Qualcomm by 94.1% in the second quarter. Amundi now owns 10,195,741 shares of the wireless technology company’s stock valued at $1,884,071,000 after acquiring an additional 4,942,908 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Qualcomm in the second quarter valued at about $1,523,930,000. Institutional investors own 74.35% of the company’s stock.

About Qualcomm

Qualcomm Incorporated is a technology company that develops and commercializes wireless communications and semiconductor technologies. Through Qualcomm Technologies, Inc, the company designs integrated circuits, system software and related platforms used in smartphones, personal computers, automobiles, industrial equipment, consumer devices and other connected products. Its Snapdragon platforms support mobile computing, connectivity, artificial intelligence and multimedia applications, while its broader portfolio includes radio-frequency systems, networking and edge-computing technologies.

Qualcomm also operates a significant technology-licensing business through its Qualcomm Technology Licensing segment.