Traders Buy Shares of QUALCOMM Incorporated (QCOM) on Weakness
Investors purchased shares of QUALCOMM Incorporated (NASDAQ:QCOM) on weakness during trading on Monday. $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 equities 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
A number of brokerages have recently commented on QCOM. William Blair reiterated a “market perform” rating on shares of QUALCOMM in a research report on Tuesday. BMO Capital Markets reiterated a “market perform” rating and issued a $55.00 target price on shares of QUALCOMM in a research report on Thursday, August 24th. Zacks Investment Research upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Wells Fargo & Company reiterated an “outperform” rating on shares of QUALCOMM in a research report on Monday, July 31st. Finally, ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $63.96.
The firm has a 50 day moving average price of $52.86 and a 200-day moving average price of $55.39. The company has a market cap of $73.85 billion, a P/E ratio of 19.16 and a beta of 1.29.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same period in the prior year, the company posted $1.16 EPS. QUALCOMM’s quarterly revenue was down 11.1% on a year-over-year basis. Equities analysts expect that QUALCOMM Incorporated will post $4.16 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM’s payout ratio is 87.36%.
In other QUALCOMM news, President Derek K. Aberle sold 23,104 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $55.38, for a total value of $1,279,499.52. Following the transaction, the president now directly owns 5,855 shares of the company’s stock, valued at approximately $324,249.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $51.88, for a total value of $245,911.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,995 shares of company stock worth $1,587,390. 0.24% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. WealthTrust Axiom LLC raised its position in shares of QUALCOMM by 0.3% in the 1st quarter. WealthTrust Axiom LLC now owns 5,804 shares of the wireless technology company’s stock valued at $332,000 after purchasing an additional 15 shares in the last quarter. Ronald Blue & Co. LLC raised its position in shares of QUALCOMM by 0.5% in the 2nd quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock valued at $208,000 after purchasing an additional 18 shares in the last quarter. Excalibur Management Corp raised its position in shares of QUALCOMM by 0.7% in the 1st quarter. Excalibur Management Corp now owns 4,384 shares of the wireless technology company’s stock valued at $251,000 after purchasing an additional 31 shares in the last quarter. Hollencrest Securities LLC raised its position in shares of QUALCOMM by 0.9% in the 2nd quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock valued at $241,000 after purchasing an additional 40 shares in the last quarter. Finally, North Star Investment Management Corp. raised its position in shares of QUALCOMM by 0.4% in the 2nd quarter. North Star Investment Management Corp. now owns 9,459 shares of the wireless technology company’s stock valued at $522,000 after purchasing an additional 42 shares in the last quarter. 77.09% of the stock is currently owned by institutional investors.
QUALCOMM Company Profile
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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