QUALCOMM (NASDAQ:QCOM) Shares Down 1.3% After Insider Selling

QUALCOMM Incorporated (NASDAQ:QCOM)’s share price dropped 1.3% during trading on Monday after an insider sold shares in the company. The company traded as low as $151.39 and last traded at $157.18. Approximately 4,340,806 shares traded hands during trading, a decline of 54% from the average daily volume of 9,396,522 shares. The stock had previously closed at $159.31.

Specifically, Director Sylvia Acevedo sold 744 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $181.52, for a total transaction of $135,050.88. Following the completion of the transaction, the director now owns 54 shares in the company, valued at approximately $9,802.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Neil Martin sold 1,116 shares of QUALCOMM stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the sale, the chief accounting officer now directly owns 358 shares of the company’s stock, valued at approximately $70,207.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sylvia Acevedo sold 744 shares of QUALCOMM stock in a transaction on Friday, May 10th. The stock was sold at an average price of $181.52, for a total value of $135,050.88. Following the sale, the director now directly owns 54 shares of the company’s stock, valued at $9,802.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,129 shares of company stock valued at $8,014,436. 0.08% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on QCOM. Mizuho lifted their price objective on QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Canaccord Genuity Group boosted their target price on QUALCOMM from $180.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Evercore ISI began coverage on QUALCOMM in a research note on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 target price for the company. JPMorgan Chase & Co. boosted their target price on QUALCOMM from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Finally, HSBC lowered QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 price target on the stock. in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $210.63.

QUALCOMM Stock Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.98. The stock’s 50-day simple moving average is $200.91 and its 200 day simple moving average is $178.59. The stock has a market capitalization of $175.96 billion, a P/E ratio of 21.13, a PEG ratio of 1.99 and a beta of 1.27.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, September 5th. QUALCOMM’s dividend payout ratio is currently 45.70%.

Institutional Investors Weigh In On QUALCOMM

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP raised its stake in QUALCOMM by 16.4% during the fourth quarter. Allworth Financial LP now owns 28,850 shares of the wireless technology company’s stock worth $4,173,000 after acquiring an additional 4,057 shares in the last quarter. Mainstay Capital Management LLC ADV raised its stake in QUALCOMM by 15.3% during the fourth quarter. Mainstay Capital Management LLC ADV now owns 2,143 shares of the wireless technology company’s stock worth $310,000 after acquiring an additional 284 shares in the last quarter. Firethorn Wealth Partners LLC acquired a new position in QUALCOMM during the fourth quarter worth about $226,000. Nisa Investment Advisors LLC raised its stake in QUALCOMM by 15.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 368,223 shares of the wireless technology company’s stock worth $53,256,000 after acquiring an additional 47,991 shares in the last quarter. Finally, Means Investment CO. Inc. raised its stake in QUALCOMM by 1.2% during the fourth quarter. Means Investment CO. Inc. now owns 5,793 shares of the wireless technology company’s stock worth $838,000 after acquiring an additional 71 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

About QUALCOMM

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.