Traders Buy Qualcomm Inc. (QCOM) on Weakness
Investors purchased shares of Qualcomm Inc. (NASDAQ:QCOM) on weakness during trading hours on Friday. $67.22 million flowed into the stock on the tick-up and $43.69 million flowed out of the stock on the tick-down, for a money net flow of $23.53 million into the stock. Of all companies tracked, Qualcomm had the 18th highest net in-flow for the day. Qualcomm traded down ($0.03) for the day and closed at $61.71
Several equities analysts have recently issued reports on the stock. Canaccord Genuity reissued a “buy” rating on shares of Qualcomm in a report on Wednesday, April 20th. Cowen and Company reissued a “buy” rating and issued a $60.00 price target on shares of Qualcomm in a report on Thursday, April 21st. Brean Capital reissued a “buy” rating on shares of Qualcomm in a report on Thursday, April 21st. Pacific Crest reissued a “buy” rating and issued a $63.00 price target on shares of Qualcomm in a report on Tuesday, April 19th. Finally, Credit Suisse Group AG reissued a “buy” rating and issued a $67.00 price target on shares of Qualcomm in a report on Sunday, April 17th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $61.67.
The company’s 50-day moving average is $57.51 and its 200 day moving average is $52.78. The company has a market capitalization of $90.94 billion and a price-to-earnings ratio of 18.07.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.19. During the same quarter in the previous year, the company posted $0.99 earnings per share. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, analysts expect that Qualcomm Inc. will post $4.29 earnings per share for the current 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 3.44%. The ex-dividend date is Monday, August 29th.
In related news, President Derek K. Aberle sold 22,653 shares of the company’s stock in a transaction that occurred on 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 sale, the president now directly owns 69,234 shares in the company, valued at approximately $4,289,046.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Donald J. Rosenberg sold 8,250 shares of the company’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $61.09, for a total transaction of $503,992.50. The disclosure for this sale can be found here.
A number of hedge funds have recently bought and sold shares of QCOM. Morgan Stanley raised its stake in 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 during the period. Agran Libbie raised its stake in 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 during the period. BlackRock Advisors LLC raised its stake in Qualcomm by 9.0% in the fourth quarter. BlackRock Advisors LLC now owns 13,542,208 shares of the wireless technology company’s stock worth $676,907,000 after buying an additional 1,112,807 shares during the period. Trilogy Global Advisors LP raised its stake in Qualcomm by 34.5% in the fourth quarter. Trilogy Global Advisors LP now owns 1,544,113 shares of the wireless technology company’s stock worth $77,182,000 after buying an additional 395,786 shares during the period. Finally, BHF Kleinwort Benson Group S.A. purchased a new stake in Qualcomm during the fourth quarter worth $15,571,000.
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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