QUALCOMM (NASDAQ:QCOM) Shares Up 0% - Here's What Happened

Shares of QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) shot up 0% during mid-day trading on Monday . The company traded as high as $172.82 and last traded at $172.23. 4,685,871 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 7,928,451 shares. The stock had previously closed at $172.15.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on QCOM. Evercore ISI cut their price target on QUALCOMM from $199.00 to $179.00 and set an "in-line" rating for the company in a research note on Thursday, February 6th. Benchmark restated a "buy" rating and set a $240.00 price objective on shares of QUALCOMM in a research report on Friday, February 7th. UBS Group raised their price objective on QUALCOMM from $185.00 to $190.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Loop Capital assumed coverage on QUALCOMM in a research report on Monday, November 11th. They set a "hold" rating and a $180.00 price objective for the company. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $160.00 price objective on shares of QUALCOMM in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, QUALCOMM currently has an average rating of "Moderate Buy" and a consensus price target of $205.32.

QUALCOMM Trading Down 0.9 %

The company's 50 day simple moving average is $164.32 and its 200-day simple moving average is $165.67. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The firm has a market cap of $192.11 billion, a P/E ratio of 18.56, a P/E/G ratio of 2.01 and a beta of 1.25.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. As a group, research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, March 6th. QUALCOMM's dividend payout ratio is presently 36.32%.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Thursday, December 5th. The shares were 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 $7,879,598.12. This trade represents a 5.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Ann C. Chaplin sold 7,717 shares of QUALCOMM stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $160.59, for a total transaction of $1,239,273.03. Following the transaction, the general counsel now directly owns 17,153 shares in the company, valued at approximately $2,754,600.27. The trade was a 31.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,964 shares of company stock valued at $7,583,661. Corporate insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On QUALCOMM

Several institutional investors have recently bought and sold shares of QCOM. Nordea Investment Management AB grew its holdings 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 purchasing an additional 523,244 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in QUALCOMM by 21.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company's stock worth $4,239,000 after purchasing an additional 4,955 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in QUALCOMM in the fourth quarter worth $2,058,000. Burney Co. grew its holdings in QUALCOMM by 665.6% in the fourth quarter. Burney Co. now owns 146,911 shares of the wireless technology company's stock worth $22,568,000 after purchasing an additional 127,722 shares during the last quarter. Finally, Howard Bailey Securities LLC purchased a new position in QUALCOMM in the fourth quarter worth $240,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

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.