Traders Buy QUALCOMM, Inc. (QCOM) on Weakness
Traders purchased shares of QUALCOMM, Inc. (NASDAQ:QCOM) on weakness during trading hours on Friday. $56.31 million flowed into the stock on the tick-up and $36.37 million flowed out of the stock on the tick-down, for a money net flow of $19.94 million into the stock. Of all stocks tracked, QUALCOMM had the 20th highest net in-flow for the day. QUALCOMM traded down ($0.22) for the day and closed at $52.05
QCOM has been the topic of a number of recent analyst reports. Instinet reduced their price target on QUALCOMM from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, May 8th. Vetr raised QUALCOMM from a “buy” rating to a “strong-buy” rating and set a $61.20 price target on the stock in a research report on Monday, May 8th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of QUALCOMM in a research report on Monday, May 15th. BMO Capital Markets reaffirmed a “market perform” rating on shares of QUALCOMM in a research report on Sunday, May 21st. Finally, J P Morgan Chase & Co raised QUALCOMM from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $50.00 to $68.00 in a research report on Monday, May 22nd. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. QUALCOMM presently has a consensus rating of “Hold” and a consensus target price of $63.96.
The company’s 50 day moving average price is $53.15 and its 200-day moving average price is $55.45. The firm has a market capitalization of $76.83 billion, a P/E ratio of 19.93 and a beta of 1.29.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.02. QUALCOMM had a net margin of 16.11% and a return on equity of 11.09%. The company had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the prior year, the firm earned $1.16 earnings per share. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. Analysts expect that QUALCOMM, Inc. will post $4.16 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 4.38%. The ex-dividend date is Monday, August 28th. QUALCOMM’s dividend payout ratio (DPR) is presently 87.36%.
In other QUALCOMM news, President Derek K. Aberle sold 23,104 shares of the company’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $55.38, for a total value of $1,279,499.52. Following the sale, the president now owns 5,855 shares of the company’s stock, valued at $324,249.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The disclosure for this sale can be found here. Insiders sold 28,995 shares of company stock worth $1,587,390 in the last ninety days. Insiders own 0.17% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of QUALCOMM by 1.5% in the second quarter. Vanguard Group Inc. now owns 103,484,572 shares of the wireless technology company’s stock valued at $5,714,418,000 after buying an additional 1,537,645 shares during the period. FMR LLC increased its stake in shares of QUALCOMM by 16.5% in the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock valued at $4,446,786,000 after buying an additional 11,387,347 shares during the period. Northern Trust Corp increased its stake in shares of QUALCOMM by 2.6% in the second quarter. Northern Trust Corp now owns 19,519,161 shares of the wireless technology company’s stock valued at $1,077,848,000 after buying an additional 499,531 shares during the period. Capital International Investors increased its stake in shares of QUALCOMM by 59.9% in the second quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock valued at $835,633,000 after buying an additional 5,671,176 shares during the period. Finally, Fisher Asset Management LLC increased its stake in shares of QUALCOMM by 3.6% in the first quarter. Fisher Asset Management LLC now owns 10,041,310 shares of the wireless technology company’s stock valued at $575,769,000 after buying an additional 352,962 shares during the period. 77.07% of the stock is currently owned by institutional investors.
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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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