Traders Buy Shares of QUALCOMM, Inc. (QCOM) on Weakness on Analyst Downgrade
Investors bought shares of QUALCOMM, Inc. (NASDAQ:QCOM) on weakness during trading hours on Friday after Canaccord Genuity lowered their price target on the stock from $76.00 to $75.00. $95.35 million flowed into the stock on the tick-up and $67.80 million flowed out of the stock on the tick-down, for a money net flow of $27.55 million into the stock. Of all companies tracked, QUALCOMM had the 17th highest net in-flow for the day. QUALCOMM traded down ($0.16) for the day and closed at $52.50
Several other research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of QUALCOMM in a report on Wednesday. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of QUALCOMM in a report on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating on shares of QUALCOMM in a report on Wednesday. Cowen and Company reaffirmed an “outperform” rating and issued a $73.00 target price on shares of QUALCOMM in a report on Wednesday. Finally, Rosenblatt Securities cut shares of QUALCOMM from a “buy” rating to a “neutral” rating and set a $56.00 target price for the company. in a report on Wednesday. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $66.98.
In other QUALCOMM news, EVP Cristiano R. Amon purchased 18,815 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were bought at an average price of $53.13 per share, with a total value of $999,640.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anthony J. Vinciquerra purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, January 30th. The shares were acquired at an average cost of $53.99 per share, for a total transaction of $53,990.00. Following the purchase, the director now owns 1,281 shares of the company’s stock, valued at $69,161.19. The disclosure for this purchase can be found here. 0.24% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in QUALCOMM by 3.7% in the fourth quarter. FMR LLC now owns 68,251,589 shares of the wireless technology company’s stock worth $4,450,003,000 after buying an additional 2,439,365 shares during the last quarter. State Street Corp increased its stake in QUALCOMM by 1.6% in the fourth quarter. State Street Corp now owns 67,531,171 shares of the wireless technology company’s stock worth $4,403,029,000 after buying an additional 1,059,009 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in QUALCOMM by 2.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 39,745,533 shares of the wireless technology company’s stock worth $2,722,569,000 after buying an additional 780,682 shares during the last quarter. BlackRock Fund Advisors increased its stake in QUALCOMM by 16.5% in the third quarter. BlackRock Fund Advisors now owns 21,432,143 shares of the wireless technology company’s stock worth $1,468,102,000 after buying an additional 3,035,542 shares during the last quarter. Finally, Northern Trust Corp increased its stake in QUALCOMM by 2.6% in the third quarter. Northern Trust Corp now owns 20,283,988 shares of the wireless technology company’s stock worth $1,389,454,000 after buying an additional 513,204 shares during the last quarter. 79.28% of the stock is currently owned by institutional investors.
The firm has a market cap of $77.54 billion, a P/E ratio of 16.01 and a beta of 1.31. The stock’s 50 day moving average price is $56.40 and its 200-day moving average price is $61.89.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, April 19th. The wireless technology company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.29. The firm had revenue of $5.99 billion for the quarter, compared to analyst estimates of $5.86 billion. QUALCOMM had a net margin of 20.56% and a return on equity of 20.25%. QUALCOMM’s revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.04 EPS. On average, analysts forecast that QUALCOMM, Inc. will post $4.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Wednesday, May 31st will be issued a $0.57 dividend. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.53. This represents a $2.28 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend is Friday, May 26th. QUALCOMM’s payout ratio is 64.63%.
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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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