Investors Buy Shares of QUALCOMM (QCOM) on Weakness
Investors bought shares of QUALCOMM, Inc. (NASDAQ:QCOM) on weakness during trading hours on Thursday. $169.87 million flowed into the stock on the tick-up and $127.42 million flowed out of the stock on the tick-down, for a money net flow of $42.45 million into the stock. Of all stocks tracked, QUALCOMM had the 17th highest net in-flow for the day. QUALCOMM traded down ($0.53) for the day and closed at $70.36
QCOM has been the topic of a number of research reports. Cowen upgraded QUALCOMM from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $64.00 to $80.00 in a research note on Monday, August 6th. Rosenblatt Securities upgraded QUALCOMM from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $56.00 to $70.00 in a research note on Monday, August 20th. Deutsche Bank boosted their price objective on QUALCOMM to $60.00 and gave the company a “hold” rating in a research note on Monday, July 23rd. Canaccord Genuity boosted their price objective on QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 23rd. Finally, Royal Bank of Canada boosted their price objective on QUALCOMM to $77.00 and gave the company an “outperform” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the stock. QUALCOMM presently has a consensus rating of “Buy” and an average target price of $69.23.
The stock has a market cap of $103.37 billion, a price-to-earnings ratio of 18.62, a PEG ratio of 2.08 and a beta of 1.66. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Stockholders of record on Wednesday, September 5th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend is Tuesday, September 4th. QUALCOMM’s dividend payout ratio is presently 65.61%.
QUALCOMM announced that its Board of Directors has authorized a stock buyback plan on Thursday, July 26th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to purchase up to 34.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, EVP Alexander H. Rogers sold 789 shares of the company’s stock in a transaction dated Wednesday, June 27th. The stock was sold at an average price of $56.55, for a total transaction of $44,617.95. Following the sale, the executive vice president now directly owns 7,998 shares in the company, valued at $452,286.90. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Alexander H. Rogers sold 828 shares of the company’s stock in a transaction dated Friday, July 27th. The shares were sold at an average price of $63.40, for a total value of $52,495.20. Following the sale, the executive vice president now owns 7,170 shares in the company, valued at $454,578. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,923 shares of company stock worth $185,098. Company insiders own 0.17% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Aristotle Capital Management LLC bought a new position in shares of QUALCOMM in the first quarter worth approximately $105,000. Moneta Group Investment Advisors LLC increased its position in shares of QUALCOMM by 9,686.8% in the second quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock worth $105,000 after purchasing an additional 73,523 shares during the last quarter. Squar Milner Financial Services LLC bought a new position in shares of QUALCOMM in the second quarter worth approximately $106,000. Institutional & Family Asset Management LLC bought a new position in shares of QUALCOMM in the first quarter worth approximately $121,000. Finally, Point72 Asia Hong Kong Ltd increased its position in shares of QUALCOMM by 318.9% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock worth $138,000 after purchasing an additional 1,891 shares during the last quarter. Hedge funds and other institutional investors own 77.42% of the company’s stock.
QUALCOMM Company Profile (NASDAQ:QCOM)
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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