Insider Selling: Qualcomm Inc. (QCOM) EVP Sells 74,000 Shares of Stock
Qualcomm Inc. (NASDAQ:QCOM) EVP Matthew S. Grob sold 74,000 shares of Qualcomm stock in a transaction that occurred on Thursday, September 29th. The shares were sold at an average price of $66.63, for a total transaction of $4,930,620.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Qualcomm Inc. (NASDAQ:QCOM) opened at 68.50 on Friday. The company has a 50 day moving average of $62.97 and a 200-day moving average of $56.28. Qualcomm Inc. has a 52-week low of $42.24 and a 52-week high of $70.40. The stock has a market capitalization of $100.94 billion, a P/E ratio of 20.06 and a beta of 1.22.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the prior year, the company posted $0.99 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. Equities research analysts anticipate that Qualcomm Inc. will post $4.30 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were issued a $0.53 dividend. The ex-dividend date was Monday, August 29th. This represents a $2.12 dividend on an annualized basis and a yield of 3.09%. Qualcomm’s dividend payout ratio is currently 62.17%.
A number of institutional investors have recently added to or reduced their stakes in QCOM. First Republic Investment Management Inc. increased its position in shares of Qualcomm by 3.4% in the first quarter. First Republic Investment Management Inc. now owns 844,615 shares of the wireless technology company’s stock valued at $43,194,000 after buying an additional 27,934 shares during the period. Orbis Allan Gray Ltd bought a new position in shares of Qualcomm during the first quarter valued at approximately $865,645,000. Legal & General Group Plc increased its position in shares of Qualcomm by 2.4% in the first quarter. Legal & General Group Plc now owns 7,071,165 shares of the wireless technology company’s stock valued at $361,632,000 after buying an additional 166,659 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Qualcomm by 13.2% in the first quarter. Envestnet Asset Management Inc. now owns 816,491 shares of the wireless technology company’s stock valued at $41,755,000 after buying an additional 95,268 shares during the period. Finally, National Pension Service increased its position in shares of Qualcomm by 4.2% in the first quarter. National Pension Service now owns 844,155 shares of the wireless technology company’s stock valued at $43,170,000 after buying an additional 34,227 shares during the period. Hedge funds and other institutional investors own 78.05% of the company’s stock.
Several brokerages recently issued reports on QCOM. BMO Capital Markets lowered shares of Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price objective on the stock. in a report on Thursday, July 14th. Mizuho lifted their price objective on shares of Qualcomm from $56.00 to $59.00 and gave the company a “neutral” rating in a report on Tuesday, September 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Qualcomm in a report on Tuesday, September 20th. Pacific Crest lifted their price target on shares of Qualcomm from $59.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, July 21st. Finally, Evercore ISI lowered shares of Qualcomm from a “buy” rating to a “hold” rating and cut their price target for the stock from $60.00 to $55.00 in a report on Friday, July 1st. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $63.02.
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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