Traders Sell Qualcomm Inc. (QCOM) on Strength (QCOM)
Investors sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading on Monday. $34.73 million flowed into the stock on the tick-up and $89.94 million flowed out of the stock on the tick-down, for a money net flow of $55.21 million out of the stock. Of all companies tracked, Qualcomm had the 6th highest net out-flow for the day. Qualcomm traded up $0.07 for the day and closed at $62.83
Several equities research analysts have recently issued reports on QCOM shares. Morgan Stanley reiterated a “buy” rating on shares of Qualcomm in a research report on Wednesday, June 15th. Vetr upgraded shares of Qualcomm from a “hold” rating to a “buy” rating and set a $58.08 price objective on the stock in a research report on Monday, June 13th. TheStreet upgraded shares of Qualcomm from a “hold” rating to a “buy” rating in a research report on Friday, May 27th. Cowen and Company reiterated a “buy” rating and set a $60.00 price objective on shares of Qualcomm in a research report on Tuesday, May 24th. Finally, KeyCorp reiterated a “buy” rating and set a $59.00 price objective on shares of Qualcomm in a research report on Wednesday, July 6th. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $61.67.
The stock has a market cap of $92.59 billion and a PE ratio of 18.40. The company’s 50 day moving average price is $59.21 and its 200 day moving average price is $53.62.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.19. During the same quarter in the prior year, the company earned $0.99 earnings per share. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. The business’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that Qualcomm Inc. will post $4.29 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.37%.
In other Qualcomm news, EVP Matthew S. Grob sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $55.25, for a total transaction of $552,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Derek K. Aberle sold 22,653 shares of the company’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $61.95, for a total value of $1,403,353.35. Following the sale, the president now owns 69,234 shares of the company’s stock, valued at $4,289,046.30. The disclosure for this sale can be found here.
Other large investors recently modified their holdings of the company. Meridian Investment Counsel Inc. increased its stake in shares of Qualcomm by 9.5% in the fourth quarter. Meridian Investment Counsel Inc. now owns 20,583 shares of the wireless technology company’s stock valued at $1,029,000 after buying an additional 1,785 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Qualcomm during the fourth quarter valued at $1,161,000. Condor Capital Management increased its stake in shares of Qualcomm by 2.1% in the fourth quarter. Condor Capital Management now owns 23,981 shares of the wireless technology company’s stock valued at $1,199,000 after buying an additional 497 shares during the last quarter. Baker Chad R bought a new stake in shares of Qualcomm during the fourth quarter valued at $1,206,000. Finally, Azimuth Capital Management LLC increased its stake in shares of Qualcomm by 2.7% in the fourth quarter. Azimuth Capital Management LLC now owns 26,425 shares of the wireless technology company’s stock valued at $1,321,000 after buying an additional 695 shares during the last quarter.
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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