Traders Buy QUALCOMM Incorporated (QCOM) on Weakness
Traders purchased shares of QUALCOMM Incorporated (NASDAQ:QCOM) on weakness during trading hours on Thursday. $100.05 million flowed into the stock on the tick-up and $68.83 million flowed out of the stock on the tick-down, for a money net flow of $31.22 million into the stock. Of all equities tracked, QUALCOMM had the 25th highest net in-flow for the day. QUALCOMM traded down ($0.43) for the day and closed at $52.34
QCOM has been the subject of several recent research reports. Vetr raised QUALCOMM from a “hold” rating to a “buy” rating and set a $60.45 price objective for the company in a research note on Wednesday, June 7th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $61.00 target price (down from $63.00) on shares of QUALCOMM in a report on Thursday, May 4th. Wells Fargo & Company restated an “outperform” rating and issued a $75.00 target price on shares of QUALCOMM in a report on Saturday, April 22nd. Stifel Nicolaus restated a “buy” rating and issued a $64.00 target price on shares of QUALCOMM in a report on Monday, April 17th. Finally, Zacks Investment Research cut QUALCOMM from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $63.96.
The firm has a 50 day moving average of $54.58 and a 200 day moving average of $55.62. The firm has a market cap of $77.26 billion, a price-to-earnings ratio of 20.05 and a beta of 1.29. QUALCOMM also saw unusually large options trading on Monday. Stock investors acquired 21,472 put options on the stock. This is an increase of approximately 152% compared to the average daily volume of 8,513 put options.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the prior year, the business earned $1.16 earnings per share. The company’s revenue was down 11.1% compared to the same quarter last year. On average, equities research analysts forecast that QUALCOMM Incorporated will post $4.16 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Monday, August 28th. QUALCOMM’s payout ratio is 87.36%.
In related news, EVP Michelle M. Sterling sold 5,509 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $59.11, for a total value of $325,636.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 470 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was 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 approximately $174,646.72. The disclosure for this sale can be found here. Insiders sold 52,101 shares of company stock valued at $2,955,612 in the last ninety days. Company insiders own 0.17% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Doyle Wealth Management acquired a new position in QUALCOMM during the first quarter valued at approximately $17,957,000. Berkshire Asset Management LLC PA boosted its position in QUALCOMM by 2.7% in the first quarter. Berkshire Asset Management LLC PA now owns 168,062 shares of the wireless technology company’s stock valued at $9,637,000 after buying an additional 4,356 shares during the period. P.R. Herzig & Co. Inc. boosted its position in QUALCOMM by 6.2% in the first quarter. P.R. Herzig & Co. Inc. now owns 35,925 shares of the wireless technology company’s stock valued at $2,060,000 after buying an additional 2,100 shares during the period. Triangle Securities Wealth Management boosted its position in QUALCOMM by 9.2% in the first quarter. Triangle Securities Wealth Management now owns 9,887 shares of the wireless technology company’s stock valued at $567,000 after buying an additional 830 shares during the period. Finally, Access Financial Services Inc. acquired a new position in QUALCOMM during the fourth quarter valued at approximately $1,134,000. Institutional investors and hedge funds own 76.61% 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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