Traders Sell Qualcomm Inc. (QCOM) on Strength (QCOM)
Traders sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading hours on Wednesday. $109.35 million flowed into the stock on the tick-up and $140.72 million flowed out of the stock on the tick-down, for a money net flow of $31.37 million out of the stock. Of all companies tracked, Qualcomm had the 0th highest net out-flow for the day. Qualcomm traded up $1.16 for the day and closed at $62.51
QCOM has been the subject of a number of research analyst reports. Morgan Stanley restated a “buy” rating on shares of Qualcomm in a report on Monday, April 11th. Mizuho upped their price objective on Qualcomm from $47.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, April 12th. Canaccord Genuity reiterated a “buy” rating and issued a $65.00 price target on shares of Qualcomm in a report on Thursday, April 14th. Credit Suisse Group AG reiterated a “buy” rating and issued a $67.00 price target on shares of Qualcomm in a report on Sunday, April 17th. Finally, Pacific Crest reiterated a “buy” rating and issued a $63.00 price target on shares of Qualcomm in a report on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $61.57.
The company has a market capitalization of $92.12 billion and a P/E ratio of 18.30. The stock’s 50 day moving average price is $54.84 and its 200 day moving average price is $51.56.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.19. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm earned $0.99 earnings per share. On average, equities research analysts expect that Qualcomm Inc. will post $4.24 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Monday, August 29th.
In other Qualcomm news, EVP Matthew S. Grob sold 33,000 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $59.85, for a total value of $1,975,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Raymond V. Dittamore sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $61.00, for a total transaction of $427,000.00. Following the completion of the sale, the director now directly owns 12,765 shares of the company’s stock, valued at approximately $778,665. The disclosure for this sale can be found here.
A number of large investors have recently modified their holdings of QCOM. 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. AMG National Trust Bank increased its stake in shares of Qualcomm by 58.5% in the fourth quarter. AMG National Trust Bank now owns 21,145 shares of the wireless technology company’s stock valued at $1,057,000 after buying an additional 7,806 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Qualcomm during the fourth quarter valued at approximately $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. Finally, Baker Chad R purchased a new stake in shares of Qualcomm during the fourth quarter valued at approximately $1,206,000.
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.