QUALCOMM (QCOM) Shares Gap Down Following Analyst Downgrade

QUALCOMM, Inc. (NASDAQ:QCOM) gapped down before the market opened on Friday after Deutsche Bank lowered their price target on the stock to $65.00. The stock had previously closed at $58.10, but opened at $58.05. Deutsche Bank currently has a hold rating on the stock. QUALCOMM shares last traded at $56.72, with a volume of 1016055 shares.

Other equities research analysts also recently issued reports about the stock. Rosenblatt Securities upgraded shares of QUALCOMM from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $56.00 to $70.00 in a report on Monday, August 20th. Cowen lifted their price target on shares of QUALCOMM from $58.00 to $64.00 and gave the stock a “market perform” rating in a report on Thursday, July 26th. BidaskClub upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. KeyCorp lifted their price target on shares of QUALCOMM from $65.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Finally, BMO Capital Markets lifted their price target on shares of QUALCOMM to $64.00 and gave the stock a “market perform” rating in a report on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. QUALCOMM presently has a consensus rating of “Hold” and an average price target of $70.86.

In related news, EVP Alexander H. Rogers sold 853 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The shares were sold at an average price of $63.50, for a total value of $54,165.50. Following the sale, the executive vice president now directly owns 4,344 shares of the company’s stock, valued at $275,844. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alexander H. Rogers sold 854 shares of the firm’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total transaction of $61,641.72. Following the completion of the sale, the executive vice president now directly owns 5,197 shares in the company, valued at $375,119.46. The disclosure for this sale can be found here. Insiders sold 91,638 shares of company stock worth $6,302,079 over the last three months. Corporate insiders own 0.17% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Telemus Capital LLC lifted its position in QUALCOMM by 8.7% during the second quarter. Telemus Capital LLC now owns 9,860 shares of the wireless technology company’s stock valued at $553,000 after buying an additional 787 shares in the last quarter. Ascension Asset Management LLC raised its stake in shares of QUALCOMM by 3.2% during the second quarter. Ascension Asset Management LLC now owns 25,542 shares of the wireless technology company’s stock valued at $1,433,000 after purchasing an additional 800 shares during the period. Accurate Investment Solutions Inc. raised its stake in shares of QUALCOMM by 1.3% during the third quarter. Accurate Investment Solutions Inc. now owns 62,870 shares of the wireless technology company’s stock valued at $4,529,000 after purchasing an additional 804 shares during the period. KCM Investment Advisors LLC raised its stake in shares of QUALCOMM by 7.8% during the second quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock valued at $624,000 after purchasing an additional 808 shares during the period. Finally, Bradley Foster & Sargent Inc. CT raised its stake in shares of QUALCOMM by 2.9% during the second quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock valued at $1,670,000 after purchasing an additional 825 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

The company has a market cap of $92.86 billion, a PE ratio of 17.78, a P/E/G ratio of 1.96 and a beta of 1.69. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.20. The company had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.54 billion. QUALCOMM had a negative net margin of 21.40% and a positive return on equity of 19.92%. The business’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.92 earnings per share. On average, analysts expect that QUALCOMM, Inc. will post 2.8 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.37%. QUALCOMM’s dividend payout ratio is currently 77.74%.

QUALCOMM announced that its board has initiated a share repurchase plan on Thursday, July 26th that permits the company to buyback $30.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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QUALCOMM Company Profile (NASDAQ:QCOM)

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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