QUALCOMM, Inc. (QCOM) Short Interest Down 14.9% in October

QUALCOMM, Inc. (NASDAQ:QCOM) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 91,824,188 shares, a decrease of 14.9% from the October 15th total of 107,920,459 shares. Currently, 6.3% of the shares of the company are sold short. Based on an average daily trading volume, of 15,750,916 shares, the days-to-cover ratio is presently 5.8 days.

In related news, EVP Alexander H. Rogers sold 854 shares of the company’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $72.18, for a total transaction of $61,641.72. Following the sale, the executive vice president now directly owns 5,197 shares in the company, valued at approximately $375,119.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alexander H. Rogers sold 853 shares of the company’s 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 sale, the executive vice president now owns 4,344 shares in the company, valued at $275,844. The disclosure for this sale can be found here. Insiders have sold a total of 91,638 shares of company stock worth $6,302,079 over the last 90 days. 0.17% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of QCOM. Bank of New York Mellon Corp increased its holdings in shares of QUALCOMM by 1,897,041.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 20,830,615 shares of the wireless technology company’s stock worth $1,500,428,000 after buying an additional 20,829,517 shares during the last quarter. Millennium Management LLC increased its holdings in shares of QUALCOMM by 121.1% in the 2nd quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock worth $182,666,000 after buying an additional 1,782,585 shares during the last quarter. Putnam Investments LLC increased its holdings in shares of QUALCOMM by 128.4% in the 2nd quarter. Putnam Investments LLC now owns 2,506,811 shares of the wireless technology company’s stock worth $140,682,000 after buying an additional 1,409,034 shares during the last quarter. Waddell & Reed Financial Inc. increased its holdings in shares of QUALCOMM by 18.8% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock worth $282,280,000 after buying an additional 794,924 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of QUALCOMM by 133.5% in the 3rd quarter. Jennison Associates LLC now owns 1,388,752 shares of the wireless technology company’s stock worth $100,032,000 after buying an additional 794,075 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

QCOM has been the topic of a number of recent research reports. Royal Bank of Canada upped their price target on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a research note on Friday, September 7th. UBS Group upped their price target on shares of QUALCOMM from $62.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 5th. BidaskClub cut shares of QUALCOMM from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Canaccord Genuity dropped their price target on shares of QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a research note 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 analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $70.86.

QUALCOMM stock opened at $56.72 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. The company has a market cap of $93.48 billion, a P/E ratio of 17.78, a PEG ratio of 1.98 and a beta of 1.69. QUALCOMM has a 1-year low of $48.56 and a 1-year high of $76.50.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.20. The firm had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.54 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.92 EPS. Research analysts expect that QUALCOMM will post 2.8 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date is Wednesday, December 5th. QUALCOMM’s payout ratio is 77.74%.

QUALCOMM declared that its Board of Directors has approved a share buyback program 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 buy up to 34.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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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.

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