Traders Sell Qualcomm Inc. (QCOM) on Strength After Insider Selling
Traders sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading hours on Thursday following insider selling activity. $126.71 million flowed into the stock on the tick-up and $225.99 million flowed out of the stock on the tick-down, for a money net flow of $99.28 million out of the stock. Of all stocks tracked, Qualcomm had the 4th highest net out-flow for the day. Qualcomm traded up $0.70 for the day and closed at $67.54Specifically, EVP Matthew S. Grob sold 33,000 shares of the stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $59.85, for a total transaction of $1,975,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Derek K. Aberle sold 22,653 shares of the stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $61.95, for a total transaction of $1,403,353.35. Following the transaction, the president now directly owns 69,234 shares of the company’s stock, valued at approximately $4,289,046.30. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
QCOM has been the topic of several recent research reports. BMO Capital Markets cut shares of Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 target price on the stock. in a research report on Thursday, July 14th. Mizuho upped their target price on shares of Qualcomm from $56.00 to $59.00 and gave the company a “neutral” rating in a research report on Tuesday, September 6th. Morgan Stanley restated an “overweight” rating and set a $65.00 target price on shares of Qualcomm in a research report on Tuesday, September 20th. Pacific Crest upped their target price on shares of Qualcomm from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, July 21st. Finally, Evercore ISI cut shares of Qualcomm from a “buy” rating to a “hold” rating and decreased their target price for the company from $60.00 to $55.00 in a research report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $63.98.
The stock has a market cap of $99.53 billion, a P/E ratio of 19.78 and a beta of 1.25. The firm’s 50-day moving average is $63.38 and its 200-day moving average is $56.65.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.19. The company earned $5.60 billion during the quarter, compared to the consensus estimate of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. Qualcomm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.99 EPS. Equities research analysts predict that Qualcomm Inc. will post $4.28 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.14%. Qualcomm’s payout ratio is currently 62.17%.
A number of institutional investors have recently made changes to their positions in QCOM. Raymond James Trust N.A. increased its position in shares of Qualcomm by 8.7% in the first quarter. Raymond James Trust N.A. now owns 94,380 shares of the wireless technology company’s stock worth $4,827,000 after buying an additional 7,546 shares during the last quarter. Cornerstone Investment Partners LLC increased its position in shares of Qualcomm by 6.7% in the first quarter. Cornerstone Investment Partners LLC now owns 31,917 shares of the wireless technology company’s stock worth $1,632,000 after buying an additional 2,015 shares during the last quarter. OLD National Bancorp IN increased its position in shares of Qualcomm by 2.3% in the first quarter. OLD National Bancorp IN now owns 276,558 shares of the wireless technology company’s stock worth $14,143,000 after buying an additional 6,200 shares during the last quarter. PM CAPITAL Ltd purchased a new position in shares of Qualcomm during the first quarter worth approximately $3,681,000. Finally, Bridges Investment Management Inc. increased its position in shares of Qualcomm by 13.6% in the first quarter. Bridges Investment Management Inc. now owns 109,952 shares of the wireless technology company’s stock worth $6,886,000 after buying an additional 13,163 shares during the last quarter. Institutional investors own 78.05% of the company’s stock.
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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