QUALCOMM (NASDAQ:QCOM) Shares Down 1.1% After Analyst Downgrade

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price fell 1.1% on Wednesday after Mizuho lowered their price target on the stock from $245.00 to $215.00. Mizuho currently has an outperform rating on the stock. QUALCOMM traded as low as $156.94 and last traded at $158.68. 1,383,218 shares traded hands during trading, a decline of 77% from the average session volume of 5,892,604 shares. The stock had previously closed at $160.52.

Several other equities research analysts have also recently weighed in on QCOM. Wells Fargo & Company increased their price objective on QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a report on Thursday, November 7th. Loop Capital assumed coverage on QUALCOMM in a research note on Monday, November 11th. They issued a “hold” rating and a $180.00 price target for the company. Melius Research started coverage on shares of QUALCOMM in a research report on Monday, December 9th. They set a “hold” rating and a $180.00 price objective on the stock. Evercore ISI upped their price objective on shares of QUALCOMM from $190.00 to $199.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Finally, TD Cowen raised shares of QUALCOMM to a “strong-buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $207.11.

Insider Activity at QUALCOMM

In other news, General Counsel Ann C. Chaplin sold 2,587 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $158.12, for a total value of $409,056.44. Following the completion of the transaction, the general counsel now owns 19,739 shares in the company, valued at $3,121,130.68. The trade was a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Neil Martin sold 1,304 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $155.00, for a total value of $202,120.00. Following the sale, the chief accounting officer now directly owns 94 shares in the company, valued at $14,570. This trade represents a 93.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,882 shares of company stock valued at $4,314,649. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On QUALCOMM

A number of hedge funds have recently bought and sold shares of the business. Farmers Trust Co. grew its stake in shares of QUALCOMM by 6.8% in the fourth quarter. Farmers Trust Co. now owns 3,136 shares of the wireless technology company’s stock worth $482,000 after acquiring an additional 201 shares during the period. Innova Wealth Partners grew its position in QUALCOMM by 6.5% in the 4th quarter. Innova Wealth Partners now owns 1,461 shares of the wireless technology company’s stock worth $225,000 after purchasing an additional 89 shares during the period. Range Financial Group LLC grew its position in QUALCOMM by 306.5% in the 4th quarter. Range Financial Group LLC now owns 5,727 shares of the wireless technology company’s stock worth $880,000 after purchasing an additional 4,318 shares during the period. One Wealth Capital Management LLC purchased a new stake in QUALCOMM during the 4th quarter valued at $455,000. Finally, Regent Peak Wealth Advisors LLC lifted its holdings in shares of QUALCOMM by 3.4% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 2,058 shares of the wireless technology company’s stock valued at $316,000 after buying an additional 68 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Trading Down 0.9 %

The stock has a market capitalization of $176.74 billion, a PE ratio of 17.70, a P/E/G ratio of 2.65 and a beta of 1.25. The company has a current ratio of 2.40, a quick ratio of 1.79 and a debt-to-equity ratio of 0.51. The stock has a 50 day moving average price of $159.91 and a 200-day moving average price of $170.72.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.25. QUALCOMM had a return on equity of 38.81% and a net margin of 26.03%. The business had revenue of $10.24 billion for the quarter, compared to analysts’ expectations of $9.90 billion. Sell-side analysts expect that QUALCOMM Incorporated will post 9.09 earnings per share for the current year.

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.