Traders Buy Shares of QUALCOMM Incorporated (QCOM) on Weakness

Investors purchased shares of QUALCOMM Incorporated (NASDAQ:QCOM) on weakness during trading on Wednesday. $95.44 million flowed into the stock on the tick-up and $48.71 million flowed out of the stock on the tick-down, for a money net flow of $46.73 million into the stock. Of all companies tracked, QUALCOMM had the 8th highest net in-flow for the day. QUALCOMM traded down ($0.56) for the day and closed at $53.31

Several research firms have recently weighed in on QCOM. Vetr lowered shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $60.62 price objective on the stock. in a research note on Monday, May 22nd. Stifel Nicolaus boosted their price objective on shares of QUALCOMM from $56.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 26th. BMO Capital Markets restated a “market perform” rating on shares of QUALCOMM in a research note on Sunday, May 21st. J P Morgan Chase & Co upgraded shares of QUALCOMM from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $50.00 to $68.00 in a research note on Monday, May 22nd. Finally, Zacks Investment Research lowered shares of QUALCOMM from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, ten have issued 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 price target of $63.96.

The firm has a market capitalization of $78.69 billion, a PE ratio of 20.42 and a beta of 1.29. The stock’s 50-day moving average is $54.30 and its 200 day moving average is $55.59.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same period in the prior year, the business posted $1.16 EPS. The firm’s revenue was down 11.1% compared to the same quarter last year. On average, equities analysts predict that QUALCOMM Incorporated will post $4.16 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, August 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.28%. QUALCOMM’s dividend payout ratio is currently 87.36%.

In other QUALCOMM news, EVP Michelle M. Sterling sold 5,509 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $59.11, for a total transaction of $325,636.99. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Derek K. Aberle sold 22,251 shares of the business’s stock in a transaction on 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 transaction, the president now directly owns 28,959 shares in the company, valued at $1,667,748.81. The disclosure for this sale can be found here. Insiders have sold a total of 52,101 shares of company stock valued at $2,955,612 over the last quarter. 0.24% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC increased its stake in QUALCOMM by 16.5% in the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock worth $4,446,786,000 after buying an additional 11,387,347 shares in the last quarter. Veritas Asset Management LLP acquired a new stake in QUALCOMM during the second quarter worth $440,415,000. Capital International Investors increased its stake in QUALCOMM by 59.9% in the second quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock worth $835,633,000 after buying an additional 5,671,176 shares in the last quarter. Baupost Group LLC MA acquired a new stake in QUALCOMM during the first quarter worth $299,085,000. Finally, Nordea Investment Management AB increased its stake in QUALCOMM by 589.4% in the first quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock worth $339,007,000 after buying an additional 5,054,642 shares in the last quarter. 76.59% of the stock is currently owned by institutional investors and hedge funds.

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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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