QUALCOMM (NASDAQ:QCOM) Shares Down 4.3% After Earnings Miss

Shares of QUALCOMM Incorporated (NASDAQ:QCOMGet Free Report) traded down 4.3% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $165.40 and last traded at $168.24. 7,467,003 shares traded hands during trading, a decline of 3% from the average session volume of 7,702,955 shares. The stock had previously closed at $175.86.

The wireless technology company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 38.81% and a net margin of 26.03%.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be given a $0.85 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $3.40 annualized dividend and a yield of 2.01%. QUALCOMM’s dividend payout ratio is currently 37.82%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of QUALCOMM in a research report on Thursday. Barclays cut their price objective on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. JPMorgan Chase & Co. dropped their price target on QUALCOMM from $210.00 to $195.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Mizuho dropped their price target on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. Finally, Evercore ISI dropped their price target on QUALCOMM from $199.00 to $179.00 and set an “in-line” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, QUALCOMM has an average rating of “Moderate Buy” and a consensus price target of $205.32.

Check Out Our Latest Stock Report on QUALCOMM

Insiders Place Their Bets

In other news, CAO Neil Martin sold 1,304 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $155.00, for a total value of $202,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 94 shares in the company, valued at approximately $14,570. This represents a 93.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alexander H. Rogers sold 10,373 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $160.59, for a total value of $1,665,800.07. Following the completion of the transaction, the insider now owns 33,383 shares of the company’s stock, valued at $5,360,975.97. The trade was a 23.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,981 shares of company stock worth $4,000,870 in the last ninety days. 0.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On QUALCOMM

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brookstone Capital Management boosted its holdings in QUALCOMM by 3.5% during the 3rd quarter. Brookstone Capital Management now owns 29,148 shares of the wireless technology company’s stock valued at $4,957,000 after acquiring an additional 991 shares during the period. CWM LLC boosted its holdings in QUALCOMM by 2.7% during the 3rd quarter. CWM LLC now owns 124,409 shares of the wireless technology company’s stock valued at $21,156,000 after acquiring an additional 3,264 shares during the period. Marcum Wealth LLC boosted its holdings in QUALCOMM by 8.6% during the 3rd quarter. Marcum Wealth LLC now owns 2,529 shares of the wireless technology company’s stock valued at $430,000 after acquiring an additional 200 shares during the period. Wedmont Private Capital boosted its holdings in QUALCOMM by 7.2% during the 3rd quarter. Wedmont Private Capital now owns 10,946 shares of the wireless technology company’s stock valued at $1,827,000 after acquiring an additional 738 shares during the period. Finally, Patten Group Inc. boosted its holdings in QUALCOMM by 3.1% during the 3rd quarter. Patten Group Inc. now owns 14,172 shares of the wireless technology company’s stock valued at $2,410,000 after acquiring an additional 424 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Price Performance

The company has a market capitalization of $188.11 billion, a PE ratio of 18.83, a PEG ratio of 2.87 and a beta of 1.25. The firm has a fifty day moving average of $161.70 and a two-hundred day moving average of $166.02. The company has a current ratio of 2.40, a quick ratio of 1.79 and a debt-to-equity ratio of 0.51.

QUALCOMM Company Profile

(Get Free Report)

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.

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