QUALCOMM (NASDAQ:QCOM) Trading Down 0.2% Following Insider Selling

QUALCOMM Incorporated (NASDAQ:QCOM) shares dropped 0.2% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $197.09 and last traded at $199.67. Approximately 1,529,778 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 9,287,072 shares. The stock had previously closed at $200.03.

Specifically, Director Sylvia Acevedo sold 2,056 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $178.21, for a total value of $366,399.76. Following the sale, the director now directly owns 54 shares of the company’s stock, valued at $9,623.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other QUALCOMM news, Director Sylvia Acevedo sold 2,056 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $178.21, for a total transaction of $366,399.76. Following the transaction, the director now directly owns 54 shares of the company’s stock, valued at $9,623.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Neil Martin sold 1,116 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total transaction of $218,858.76. Following the sale, the chief accounting officer now directly owns 358 shares of the company’s stock, valued at approximately $70,207.38. The disclosure for this sale can be found here. Insiders sold a total of 42,185 shares of company stock worth $7,936,005 in the last 90 days. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

QCOM has been the subject of several recent research reports. Argus increased their price objective on QUALCOMM from $180.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Mizuho boosted their price target on shares of QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Robert W. Baird upped their price objective on shares of QUALCOMM from $160.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Evercore ISI assumed coverage on shares of QUALCOMM in a research note on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 target price on the stock. Finally, Citigroup upped their price target on QUALCOMM from $160.00 to $170.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $192.13.

QUALCOMM Stock Up 1.8 %

The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. The business has a 50 day simple moving average of $197.39 and a 200 day simple moving average of $170.48. The company has a market capitalization of $227.45 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 2.42 and a beta of 1.27.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.11. The firm had revenue of $9.39 billion for the quarter, compared to analyst estimates of $9.32 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. As a group, equities analysts predict that QUALCOMM Incorporated will post 7.85 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, May 30th were issued a $0.85 dividend. The ex-dividend date was Thursday, May 30th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.67%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s payout ratio is 45.70%.

Institutional Investors Weigh In On QUALCOMM

A number of hedge funds have recently added to or reduced their stakes in QCOM. Financial Gravity Asset Management Inc. boosted its holdings in QUALCOMM by 102.5% in the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 122 shares during the period. WFA Asset Management Corp purchased a new stake in shares of QUALCOMM during the first quarter worth approximately $27,000. CarsonAllaria Wealth Management Ltd. increased its stake in shares of QUALCOMM by 327.1% during the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after buying an additional 157 shares during the period. DiNuzzo Private Wealth Inc. acquired a new stake in QUALCOMM in the fourth quarter valued at approximately $32,000. Finally, Cherry Tree Wealth Management LLC lifted its stake in QUALCOMM by 95.0% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after acquiring an additional 115 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

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.