Investors Sell Shares of Qualcomm Inc. (QCOM) on Strength (QCOM)
Investors sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading hours on Wednesday. $42.02 million flowed into the stock on the tick-up and $93.57 million flowed out of the stock on the tick-down, for a money net flow of $51.55 million out of the stock. Of all equities tracked, Qualcomm had the 0th highest net out-flow for the day. Qualcomm traded up $0.43 for the day and closed at $52.37
A number of brokerages have commented on QCOM. Wells Fargo & Co. restated a “buy” rating on shares of Qualcomm in a research note on Saturday, April 23rd. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Qualcomm in a research note on Thursday, March 10th. Pacific Crest restated a “buy” rating and issued a $63.00 target price on shares of Qualcomm in a research note on Tuesday, April 19th. Vetr upgraded shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $58.17 target price on the stock in a research note on Monday, March 28th. Finally, Raymond James Financial Inc. restated a “hold” rating on shares of Qualcomm in a research note on Saturday, April 23rd. Eighteen analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Qualcomm presently has an average rating of “Buy” and a consensus price target of $61.10.
The stock has a market cap of $76.93 billion and a P/E ratio of 16.52. The company has a 50-day moving average price of $53.92 and a 200 day moving average price of $50.74.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, April 20th. The wireless technology company reported $1.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.08. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.33 billion. During the same quarter in the previous year, the company posted $1.40 EPS. The firm’s quarterly revenue was down 19.5% compared to the same quarter last year. On average, analysts predict that Qualcomm Inc. will post $4.08 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 22nd. Stockholders of record on Wednesday, June 1st were issued a $0.53 dividend. The ex-dividend date was Friday, May 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.05%. This is a positive change from Qualcomm’s previous quarterly dividend of $0.48.
In other news, EVP Matthew S. Grob sold 32,700 shares of the stock in a transaction dated Wednesday, April 13th. The shares were sold at an average price of $51.59, for a total value of $1,686,993.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Matthew S. Grob sold 10,000 shares of the stock in a transaction dated Tuesday, May 24th. The shares were sold at an average price of $55.25, for a total transaction of $552,500.00. The disclosure for this sale can be found here.
Other institutional investors recently made changes to their positions in the company. Morgan Stanley increased its position in shares of Qualcomm by 38.0% in the fourth quarter. Morgan Stanley now owns 9,938,241 shares of the wireless technology company’s stock worth $496,763,000 after buying an additional 2,735,507 shares in the last quarter. Agran Libbie increased its position in shares of Qualcomm by 859.3% in the fourth quarter. Agran Libbie now owns 1,622,155 shares of the wireless technology company’s stock worth $8,108,000 after buying an additional 1,453,056 shares in the last quarter. OppenheimerFunds Inc. increased its position in shares of Qualcomm by 56.7% in the fourth quarter. OppenheimerFunds Inc. now owns 1,412,204 shares of the wireless technology company’s stock worth $70,603,000 after buying an additional 510,766 shares in the last quarter. Sei Investments Co. increased its position in shares of Qualcomm by 171.8% in the fourth quarter. Sei Investments Co. now owns 740,758 shares of the wireless technology company’s stock worth $37,027,000 after buying an additional 468,267 shares in the last quarter. Finally, Alps Advisors Inc. bought a new position in shares of Qualcomm during the fourth quarter worth about $20,594,000.
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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