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

QUALCOMM Incorporated (NASDAQ:QCOM)’s stock price fell 1.1% during mid-day trading 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.

QCOM has been the subject of a number of other reports. Sanford C. Bernstein raised their price objective on shares of QUALCOMM from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Melius assumed coverage on shares of QUALCOMM in a research report on Monday, December 9th. They set a “hold” rating and a $180.00 price target for the company. Loop Capital assumed coverage on shares of QUALCOMM in a report on Monday, November 11th. They issued a “hold” rating and a $180.00 price target on the stock. Benchmark reissued a “buy” rating and set a $240.00 price objective on shares of QUALCOMM in a research note on Thursday, November 7th. Finally, Wells Fargo & Company upped their target price on QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, QUALCOMM has an average rating of “Moderate Buy” and a consensus price target of $207.11.

Insider Transactions at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $161.54, for a total transaction of $484,620.00. Following the transaction, the chief financial officer now directly owns 48,778 shares of the company’s stock, valued at approximately $7,879,598.12. The trade was a 5.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Neil Martin sold 1,304 shares of the firm’s stock in a transaction on 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 sale, the chief accounting officer now directly owns 94 shares of the company’s stock, valued at $14,570. The trade was a 93.28 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,882 shares of company stock worth $4,314,649. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Nordea Investment Management AB raised its stake in QUALCOMM by 39.7% in the fourth quarter. Nordea Investment Management AB now owns 1,841,103 shares of the wireless technology company’s stock worth $284,708,000 after buying an additional 523,244 shares in the last quarter. Wedge Capital Management L L P NC raised its position in shares of QUALCOMM by 17.1% in the 3rd quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company’s stock worth $60,264,000 after acquiring an additional 51,879 shares in the last quarter. Icon Wealth Advisors LLC lifted its stake in shares of QUALCOMM by 123.2% in the 3rd quarter. Icon Wealth Advisors LLC now owns 33,186 shares of the wireless technology company’s stock valued at $5,643,000 after purchasing an additional 18,315 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of QUALCOMM by 39.9% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 176,817 shares of the wireless technology company’s stock valued at $30,068,000 after purchasing an additional 50,438 shares in the last quarter. Finally, Aljian Capital Management LLC purchased a new stake in QUALCOMM in the third quarter worth $1,820,000. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Stock Performance

The company has a quick ratio of 1.79, a current ratio of 2.40 and a debt-to-equity ratio of 0.51. The firm has a market cap of $176.74 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.65 and a beta of 1.25. The business has a fifty day simple moving average of $159.84 and a 200-day simple moving average of $170.64.

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