Investors Buy Shares of QUALCOMM Incorporated (QCOM) on Weakness
Investors purchased shares of QUALCOMM Incorporated (NASDAQ:QCOM) on weakness during trading on Wednesday. $95.44 million flowed into the stock on the tick-up and $48.71 million flowed out of the stock on the tick-down, for a money net flow of $46.73 million into the stock. Of all companies tracked, QUALCOMM had the 8th highest net in-flow for the day. QUALCOMM traded down ($0.56) for the day and closed at $53.31
A number of research analysts recently weighed in on the stock. ValuEngine lowered shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. BidaskClub lowered shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Zacks Investment Research lowered shares of QUALCOMM from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 20th. Northland Securities lowered shares of QUALCOMM from an “outperform” rating to a “market perform” rating and cut their target price for the company from $75.00 to $62.50 in a report on Wednesday, June 28th. Finally, Vetr raised shares of QUALCOMM from a “buy” rating to a “strong-buy” rating and set a $62.13 target price for the company in a report on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $63.96.
The company has a market cap of $78.69 billion, a P/E ratio of 20.42 and a beta of 1.29. The stock’s 50-day moving average is $54.30 and its 200-day moving average is $55.59.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The company had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same period last year, the business posted $1.16 EPS. The company’s revenue was down 11.1% on a year-over-year basis. Equities research analysts expect that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th will be paid a $0.57 dividend. The ex-dividend date is Monday, August 28th. This represents a $2.28 annualized dividend and a dividend yield of 4.28%. QUALCOMM’s dividend payout ratio (DPR) is currently 87.36%.
In other QUALCOMM news, President Derek K. Aberle sold 23,104 shares of QUALCOMM stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $55.38, for a total value of $1,279,499.52. Following the transaction, the president now directly owns 5,855 shares in the company, valued at approximately $324,249.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alexander H. Rogers sold 470 shares of QUALCOMM stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $57.28, for a total value of $26,921.60. Following the completion of the transaction, the executive vice president now owns 3,049 shares in the company, valued at $174,646.72. The disclosure for this sale can be found here. Insiders sold a total of 52,101 shares of company stock worth $2,955,612 over the last quarter. Company insiders own 0.24% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in QCOM. FMR LLC increased its position in shares of QUALCOMM by 16.5% in the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock valued at $4,446,786,000 after buying an additional 11,387,347 shares during the period. Veritas Asset Management LLP bought a new position in shares of QUALCOMM during the second quarter valued at $440,415,000. Capital International Investors increased its position in shares of QUALCOMM by 59.9% in the second quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock valued at $835,633,000 after buying an additional 5,671,176 shares during the period. Baupost Group LLC MA bought a new position in shares of QUALCOMM during the first quarter valued at $299,085,000. Finally, Nordea Investment Management AB increased its position in shares of QUALCOMM by 589.4% in the first quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock valued at $339,007,000 after buying an additional 5,054,642 shares during the period. Institutional investors own 76.59% of the company’s stock.
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QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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