Investors Buy Qualcomm Inc. (QCOM) on Weakness
Investors purchased shares of Qualcomm Inc. (NASDAQ:QCOM) on weakness during trading hours on Friday. $124.36 million flowed into the stock on the tick-up and $44.01 million flowed out of the stock on the tick-down, for a money net flow of $80.35 million into the stock. Of all stocks tracked, Qualcomm had the 5th highest net in-flow for the day. Qualcomm traded down ($0.28) for the day and closed at $62.76
Several research firms have weighed in on QCOM. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Qualcomm in a report on Wednesday. Canaccord Genuity reissued a “buy” rating and issued a $70.00 price target on shares of Qualcomm in a report on Monday, August 15th. Credit Suisse Group AG reissued a “buy” rating and issued a $70.00 price target on shares of Qualcomm in a report on Wednesday, August 3rd. Vetr cut shares of Qualcomm from a “hold” rating to a “sell” rating and set a $60.68 price target on the stock. in a report on Monday, August 1st. Finally, 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. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $61.67.
The stock has a market cap of $92.49 billion and a price-to-earnings ratio of 18.38. The firm has a 50-day moving average of $58.92 and a 200-day moving average of $53.36.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.19. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same period in the previous year, the company earned $0.99 EPS. The company’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities analysts predict that Qualcomm Inc. will post $4.29 EPS for the current year.
The company also recently declared 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. The ex-dividend date is Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.38%.
In other Qualcomm news, President Derek K. Aberle sold 22,653 shares of the company’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $61.95, for a total value of $1,403,353.35. Following the completion of the transaction, the president now directly owns 69,234 shares in the company, valued at approximately $4,289,046.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raymond V. Dittamore sold 7,000 shares of the company’s stock in a transaction on 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.
A number of hedge funds and institutional investors recently modified their holdings of the company. State of Wisconsin Investment Board raised its position in shares of Qualcomm by 5.3% in the fourth quarter. State of Wisconsin Investment Board now owns 1,924,697 shares of the wireless technology company’s stock valued at $96,206,000 after buying an additional 96,840 shares during the period. Liberty Mutual Group Asset Management Inc. raised its position in shares of Qualcomm by 46.3% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 93,489 shares of the wireless technology company’s stock valued at $4,672,000 after buying an additional 29,592 shares during the period. Azimuth Capital Management LLC raised its position 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 valued at $1,321,000 after buying an additional 695 shares during the period. Harris Associates L P raised its position in shares of Qualcomm by 3.4% in the fourth quarter. Harris Associates L P now owns 6,158,789 shares of the wireless technology company’s stock valued at $307,847,000 after buying an additional 200,890 shares during the period. Finally, LS Investment Advisors LLC raised its position in shares of Qualcomm by 3.8% in the fourth quarter. LS Investment Advisors LLC now owns 215,938 shares of the wireless technology company’s stock valued at $10,794,000 after buying an additional 7,868 shares during the period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.