Traders Sell Shares of Qualcomm Inc. (QCOM) on Strength After Insider Selling
Investors sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading on Thursday following insider selling activity. $126.71 million flowed into the stock on the tick-up and $225.99 million flowed out of the stock on the tick-down, for a money net flow of $99.28 million out of the stock. Of all companies tracked, Qualcomm had the 0th highest net out-flow for the day. Qualcomm traded up $0.70 for the day and closed at $67.54Specifically, EVP Matthew S. Grob sold 2,000 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $68.18, for a total transaction of $136,360.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Matthew S. Grob sold 33,000 shares of the stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $59.85, for a total transaction of $1,975,050.00. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.
QCOM has been the subject of a number of research analyst reports. KeyCorp reaffirmed a “buy” rating and set a $59.00 price objective on shares of Qualcomm in a report on Wednesday, July 6th. Morgan Stanley reaffirmed a “buy” rating on shares of Qualcomm in a report on Wednesday, June 15th. Vetr raised shares of Qualcomm from a “hold” rating to a “buy” rating and set a $58.08 price objective for the company in a report on Monday, June 13th. Zacks Investment Research upgraded Qualcomm from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Monday, July 11th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Qualcomm in a research report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $63.98.
The firm has a market cap of $100.49 billion, a price-to-earnings ratio of 19.97 and a beta of 1.25. The firm has a 50 day moving average price of $63.68 and a 200 day moving average price of $56.84.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results 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. The business earned $5.60 billion during the quarter, compared to analysts’ expectations of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the company posted $0.99 earnings per share. Equities research analysts forecast that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s payout ratio is 62.17%.
Large investors have recently bought and sold shares of the company. Smithbridge Asset Management Inc. DE raised its position in Qualcomm by 4.5% in the first quarter. Smithbridge Asset Management Inc. DE now owns 18,700 shares of the wireless technology company’s stock worth $956,000 after buying an additional 800 shares during the period. Sii Investments Inc. WI acquired a new position in Qualcomm during the first quarter worth $343,000. Investment Centers of America Inc. raised its position in Qualcomm by 41.4% in the first quarter. Investment Centers of America Inc. now owns 9,032 shares of the wireless technology company’s stock worth $459,000 after buying an additional 2,646 shares during the period. Meristem LLP raised its position in Qualcomm by 16.8% in the first quarter. Meristem LLP now owns 11,326 shares of the wireless technology company’s stock worth $579,000 after buying an additional 1,631 shares during the period. Finally, Wade G W & Inc. raised its position in Qualcomm by 45.3% in the first quarter. Wade G W & Inc. now owns 41,665 shares of the wireless technology company’s stock worth $2,131,000 after buying an additional 12,992 shares during the period. Institutional investors and hedge funds own 78.05% of the company’s stock.
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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