Investors Sell Shares of Qualcomm Inc. (QCOM) on Strength After Insider Selling
Investors sold shares of Qualcomm Inc. (NASDAQ:QCOM) on strength during trading hours on Tuesday after an insider sold shares in the company. $99.13 million flowed into the stock on the tick-up and $163.56 million flowed out of the stock on the tick-down, for a money net flow of $64.43 million out of the stock. Of all stocks tracked, Qualcomm had the 8th highest net out-flow for the day. Qualcomm traded up $1.21 for the day and closed at $68.31Specifically, President Derek K. Aberle sold 20,874 shares of Qualcomm stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $62.81, for a total transaction of $1,311,095.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $4,930,620.00. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
Several brokerages have recently commented on QCOM. BMO Capital Markets raised Qualcomm from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $53.00 to $70.00 in a report on Friday, October 28th. They noted that the move was a valuation call. RBC Capital Markets reissued a “sector perform” rating and issued a $70.00 target price on shares of Qualcomm in a report on Friday, October 28th. Argus reissued a “buy” rating and issued a $73.00 target price (up from $70.00) on shares of Qualcomm in a report on Friday, September 30th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $70.00 price objective (up previously from $63.00) on shares of Qualcomm in a research report on Monday, October 3rd. Finally, Royal Bank Of Canada boosted their price objective on shares of Qualcomm from $59.00 to $70.00 and gave the stock a “sector perform” rating in a research report on Monday, October 3rd. Seventeen equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $66.14.
The firm has a market cap of $100.89 billion, a P/E ratio of 17.93 and a beta of 1.36. The company has a 50-day moving average of $67.16 and a 200 day moving average of $60.42.
Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15. The firm earned $9.17 billion during the quarter, compared to analysts’ expectations of $5.84 billion. Qualcomm had a net margin of 24.22% and a return on equity of 19.31%. The business’s revenue was up 68.2% on a year-over-year basis. During the same period last year, the company earned $0.91 earnings per share. Equities analysts predict that Qualcomm Inc. will post $4.76 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Monday, November 28th. Qualcomm’s dividend payout ratio is currently 55.64%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. ING Groep NV boosted its position in Qualcomm by 11.0% in the second quarter. ING Groep NV now owns 242,400 shares of the wireless technology company’s stock valued at $12,981,000 after buying an additional 24,078 shares during the period. Kornitzer Capital Management Inc. KS boosted its position in Qualcomm by 6.7% in the second quarter. Kornitzer Capital Management Inc. KS now owns 622,727 shares of the wireless technology company’s stock valued at $33,359,000 after buying an additional 38,842 shares during the period. Conning Inc. boosted its position in Qualcomm by 4.2% in the second quarter. Conning Inc. now owns 475,737 shares of the wireless technology company’s stock valued at $25,485,000 after buying an additional 19,357 shares during the period. First Republic Investment Management Inc. boosted its position in 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. Finally, Schroder Investment Management Group boosted its position in Qualcomm by 19.6% in the second quarter. Schroder Investment Management Group now owns 6,478,013 shares of the wireless technology company’s stock valued at $347,027,000 after buying an additional 1,061,663 shares during the period. Hedge funds and other institutional investors own 77.86% 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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