QUALCOMM (NASDAQ:QCOM) Shares Down 0.4% Following Weak Earnings

QUALCOMM Incorporated (NASDAQ:QCOM) shares dropped 0.4% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $169.90 and last traded at $172.30. Approximately 2,237,561 shares traded hands during trading, a decline of 69% from the average daily volume of 7,165,713 shares. The stock had previously closed at $173.04.

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

QUALCOMM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 6th will be given a $0.85 dividend. The ex-dividend date is Thursday, March 6th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.02%. QUALCOMM’s dividend payout ratio (DPR) is presently 37.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Piper Sandler decreased their target price on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. lowered their target price on shares of QUALCOMM from $210.00 to $195.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Susquehanna cut their price target on shares of QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a research note on Wednesday, November 20th. Mizuho lowered their price objective on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. Finally, UBS Group upped their target price on shares of QUALCOMM from $185.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $205.32.

Insiders Place Their Bets

In other news, insider Alexander H. Rogers sold 10,373 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 33,383 shares of the company’s stock, valued at $5,360,975.97. The trade was a 23.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Ann C. Chaplin sold 2,587 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $158.12, for a total value of $409,056.44. Following the transaction, the general counsel now directly owns 19,739 shares of the company’s stock, valued at approximately $3,121,130.68. This trade represents a 11.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,981 shares of company stock worth $4,000,870. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

A number of hedge funds have recently bought and sold shares of QCOM. Brookstone Capital Management lifted its stake in shares of QUALCOMM by 3.5% in the third quarter. Brookstone Capital Management now owns 29,148 shares of the wireless technology company’s stock worth $4,957,000 after buying an additional 991 shares in the last quarter. CWM LLC lifted its position in QUALCOMM by 2.7% in 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 in the last quarter. Marcum Wealth LLC boosted its stake 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 purchasing an additional 200 shares during the last quarter. Wedmont Private Capital increased its holdings in shares of QUALCOMM by 7.2% in the 3rd quarter. Wedmont Private Capital now owns 10,946 shares of the wireless technology company’s stock worth $1,827,000 after purchasing an additional 738 shares in the last quarter. Finally, Patten Group Inc. raised its stake in shares of QUALCOMM by 3.1% in the third quarter. Patten Group Inc. now owns 14,172 shares of the wireless technology company’s stock worth $2,410,000 after purchasing an additional 424 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Performance

The business has a fifty day moving average price of $161.96 and a 200-day moving average price of $166.04. The stock has a market capitalization of $186.60 billion, a P/E ratio of 18.68, a P/E/G ratio of 2.87 and a beta of 1.25. The company has a quick ratio of 1.79, a current ratio of 2.40 and a debt-to-equity ratio of 0.51.

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.