Investors Sell Qualcomm Inc. (QCOM) on Strength (QCOM)
Investors sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading on Thursday. $321.53 million flowed into the stock on the tick-up and $406.11 million flowed out of the stock on the tick-down, for a money net flow of $84.58 million out of the stock. Of all companies tracked, Qualcomm had the 0th highest net out-flow for the day. Qualcomm traded up $4.11 for the day and closed at $59.93
QCOM has been the topic of several analyst reports. BMO Capital Markets cut Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a research report on Thursday, July 14th. Wells Fargo & Co. reiterated a “buy” rating on shares of Qualcomm in a research report on Saturday, April 23rd. Pacific Crest reiterated a “buy” rating and set a $63.00 price target on shares of Qualcomm in a research report on Tuesday, April 19th. Vetr upgraded Qualcomm from a “buy” rating to a “strong-buy” rating and set a $58.17 price target on the stock in a research report on Monday, March 28th. Finally, Raymond James Financial Inc. reiterated a “hold” rating on shares of Qualcomm in a research report on Saturday, April 23rd. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. Qualcomm has a consensus rating of “Buy” and an average target price of $61.80.
The company’s 50 day moving average is $54.09 and its 200-day moving average is $51.15. The firm has a market cap of $88.03 billion and a P/E ratio of 18.91.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.19. During the same period last year, the firm earned $0.99 earnings per share. The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities analysts predict that Qualcomm Inc. will post $4.07 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Monday, August 29th.
In other Qualcomm news, EVP Cristiano R. Amon sold 6,887 shares of Qualcomm stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $51.51, for a total transaction of $354,749.37. Following the completion of the sale, the executive vice president now directly owns 1,204 shares of the company’s stock, valued at approximately $62,018.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Matthew S. Grob sold 10,000 shares of Qualcomm stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $55.25, for a total value of $552,500.00. The disclosure for this sale can be found here.
A number of large investors have recently modified their holdings of QCOM. Azimuth Capital Management LLC raised 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 worth $1,321,000 after buying an additional 695 shares during the period. Conning Inc. raised its position in Qualcomm by 4.6% in the fourth quarter. Conning Inc. now owns 476,426 shares of the wireless technology company’s stock valued at $23,814,000 after buying an additional 20,944 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Qualcomm by 35.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 114,466 shares of the wireless technology company’s stock valued at $5,721,000 after buying an additional 30,231 shares during the last quarter. Alps Advisors Inc. bought a new position in Qualcomm during the fourth quarter valued at approximately $20,594,000. Finally, OppenheimerFunds Inc. raised its position in Qualcomm by 56.7% in the fourth quarter. OppenheimerFunds Inc. now owns 1,412,204 shares of the wireless technology company’s stock valued at $70,603,000 after buying an additional 510,766 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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