Traders bought shares of QUALCOMM Incorporated (NASDAQ:QCOM) on weakness during trading hours on Thursday after ValuEngine downgraded the stock from a buy rating to a hold rating. $419.57 million flowed into the stock on the tick-up and $342.99 million flowed out of the stock on the tick-down, for a money net flow of $76.58 million into the stock. Of all companies tracked, QUALCOMM had the 3rd highest net in-flow for the day. QUALCOMM traded down ($2.81) for the day and closed at $53.97
A number of other brokerages also recently commented on QCOM. Zacks Investment Research downgraded QUALCOMM from a “hold” rating to a “sell” rating in a report on Wednesday, April 5th. BidaskClub downgraded QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Northland Securities downgraded QUALCOMM from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $75.00 to $62.50 in a report on Wednesday, June 28th. Vetr upgraded QUALCOMM from a “buy” rating to a “strong-buy” rating and set a $62.13 price objective on the stock in a research note on Tuesday, June 27th. Finally, Cowen and Company restated an “outperform” rating and set a $73.00 price objective on shares of QUALCOMM in a research note on Wednesday, April 19th. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $64.18.
In other QUALCOMM news, President Derek K. Aberle sold 22,251 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $57.59, for a total transaction of $1,281,435.09. Following the completion of the transaction, the president now owns 28,959 shares in the company, valued at $1,667,748.81. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Derek K. Aberle sold 23,104 shares of QUALCOMM stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the completion of the transaction, the president now owns 5,855 shares of the company’s stock, valued at approximately $324,249.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,802 shares of company stock worth $3,544,381. 0.24% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership boosted its position in QUALCOMM by 4,441.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 640,300 shares of the wireless technology company’s stock valued at $41,748,000 after buying an additional 626,200 shares during the period. CAMG Solamere Management LLC bought a new position in QUALCOMM during the fourth quarter valued at $2,412,000. Cigna Investments Inc. New bought a new position in QUALCOMM during the fourth quarter valued at $3,550,000. L & S Advisors Inc bought a new position in QUALCOMM during the fourth quarter valued at $6,550,000. Finally, Princeton Portfolio Strategies Group LLC boosted its position in QUALCOMM by 2.4% in the fourth quarter. Princeton Portfolio Strategies Group LLC now owns 25,463 shares of the wireless technology company’s stock valued at $1,660,000 after buying an additional 607 shares during the period. Institutional investors own 76.76% of the company’s stock.
The company has a market capitalization of $78.84 billion, a PE ratio of 20.46 and a beta of 1.30. The firm has a 50-day moving average of $55.56 and a 200-day moving average of $56.11.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.02. The firm had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 earnings per share. On average, equities analysts expect that QUALCOMM Incorporated will post $4.16 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 4.27%. The ex-dividend date is Monday, August 28th. QUALCOMM’s payout ratio is currently 87.36%.
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About QUALCOMM
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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