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 stocks 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
QCOM has been the topic of several research analyst reports. Zacks Investment Research raised shares of Qualcomm from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Tuesday, July 26th. TheStreet cut shares of Qualcomm from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. Vetr raised shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $59.08 price target on the stock in a report on Monday, June 27th. Wells Fargo & Co. reissued an “outperform” rating and issued a $65.00 price target on shares of Qualcomm in a report on Sunday, July 24th. Finally, Sanford C. Bernstein cut shares of Qualcomm from an “outperform” rating to a “market perform” rating and increased their price target for the company from $53.55 to $55.00 in a report on Thursday, June 30th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $61.67.
The firm has a 50-day moving average of $57.51 and a 200-day moving average of $52.78. The stock has a market cap of $90.94 billion and a price-to-earnings ratio of 18.07.
Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the Thomson Reuters’ 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. During the same quarter last year, the company posted $0.99 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities analysts predict that Qualcomm Inc. will post $4.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st will be issued a $0.53 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.44%.
In related news, 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 value of $552,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Raymond V. Dittamore sold 7,000 shares of the stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $61.00, for a total transaction of $427,000.00. Following the completion of the transaction, the director now owns 12,765 shares of the company’s stock, valued at $778,665. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of QCOM. Meridian Investment Counsel Inc. raised its position 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. Jennison Associates LLC acquired a new position in shares of Qualcomm during the fourth quarter valued at about $1,161,000. Condor Capital Management raised its position 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. Baker Chad R acquired a new position in shares of Qualcomm during the fourth quarter valued at about $1,206,000. Finally, Ray Gerald L & Associates Ltd. raised its position in shares of Qualcomm by 31.9% in the fourth quarter. Ray Gerald L & Associates Ltd. now owns 26,058 shares of the wireless technology company’s stock valued at $1,303,000 after buying an additional 6,297 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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