QUALCOMM (QCOM) Releases Earnings Results, Beats Estimates By $0.20 EPS

QUALCOMM (NASDAQ:QCOM) posted its quarterly earnings data on Wednesday. The wireless technology company reported $0.90 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.20, Briefing.com reports. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company had revenue of $5.83 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the business posted $0.92 EPS. The company’s quarterly revenue was down 2.1% on a year-over-year basis. QUALCOMM updated its Q1 2019 guidance to $1.05-1.15 EPS.

QUALCOMM stock traded down $1.50 during trading hours on Friday, hitting $56.55. The company had a trading volume of 9,593,938 shares, compared to its average volume of 15,519,971. The stock has a market cap of $93.48 billion, a P/E ratio of 17.73, a P/E/G ratio of 1.98 and a beta of 1.69. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67. QUALCOMM has a one year low of $48.56 and a one year high of $76.50.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 4.39%. QUALCOMM’s dividend payout ratio is currently 77.74%.

In other QUALCOMM news, EVP Alexander H. Rogers sold 853 shares of the stock in a transaction that occurred on Monday, October 29th. The shares were sold at an average price of $63.50, for a total transaction of $54,165.50. Following the transaction, the executive vice president now owns 4,344 shares in the company, valued at approximately $275,844. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 854 shares of the stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total transaction of $61,641.72. Following the transaction, the executive vice president now owns 5,197 shares in the company, valued at approximately $375,119.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 91,638 shares of company stock worth $6,302,079. Insiders own 0.17% of the company’s stock.

Several large investors have recently made changes to their positions in QCOM. MinichMacGregor Wealth Management LLC boosted its position in shares of QUALCOMM by 170.9% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock worth $134,000 after acquiring an additional 1,167 shares in the last quarter. Kiley Juergens Wealth Management LLC boosted its position in shares of QUALCOMM by 1,760.0% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock worth $133,000 after acquiring an additional 1,760 shares in the last quarter. Squar Milner Financial Services LLC acquired a new stake in shares of QUALCOMM during the 2nd quarter worth approximately $106,000. Enterprise Financial Services Corp boosted its position in shares of QUALCOMM by 151.8% during the 3rd quarter. Enterprise Financial Services Corp now owns 1,992 shares of the wireless technology company’s stock worth $143,000 after acquiring an additional 1,201 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of QUALCOMM during the 3rd quarter worth approximately $152,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

QUALCOMM declared that its board has authorized a stock buyback plan on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the wireless technology company to repurchase up to 34.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

QCOM has been the topic of a number of research analyst reports. Royal Bank of Canada upped their target price on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a report on Friday, September 7th. UBS Group upped their target price on shares of QUALCOMM from $62.00 to $67.00 and gave the company a “neutral” rating in a report on Monday. BidaskClub cut shares of QUALCOMM from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Canaccord Genuity dropped their target price on shares of QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a report on Tuesday, September 25th. Finally, ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $70.86.

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About QUALCOMM

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.

Further Reading: Technical Analysis

Earnings History for QUALCOMM (NASDAQ:QCOM)

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