Michelle M. Sterling Sells 9,810 Shares of Qualcomm Inc. (QCOM) Stock
Qualcomm Inc. (NASDAQ:QCOM) EVP Michelle M. Sterling sold 9,810 shares of the stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $66.53, for a total transaction of $652,659.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Shares of Qualcomm Inc. (NASDAQ:QCOM) opened at 68.31 on Wednesday. The firm has a market capitalization of $100.89 billion, a P/E ratio of 17.93 and a beta of 1.36. Qualcomm Inc. has a 12-month low of $42.24 and a 12-month high of $71.62. The stock has a 50 day moving average of $67.19 and a 200-day moving average of $60.55.
Qualcomm (NASDAQ:QCOM) last released its earnings results on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15. The business earned $9.17 billion during the quarter, compared to the consensus estimate of $5.84 billion. Qualcomm had a net margin of 24.22% and a return on equity of 19.31%. The company’s revenue for the quarter was up 68.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 EPS. On average, equities research analysts predict that Qualcomm Inc. will post $4.76 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date is Monday, November 28th. Qualcomm’s dividend payout ratio is presently 55.64%.
A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets upgraded shares of Qualcomm from a “market perform” rating to an “outperform” rating and boosted their price target for the company 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 restated a “sector perform” rating and set a $70.00 price target on shares of Qualcomm in a report on Friday, October 28th. Argus restated a “buy” rating and set a $73.00 price target (up previously from $70.00) on shares of Qualcomm in a report on Friday, September 30th. Vetr lowered shares of Qualcomm from a “buy” rating to a “hold” rating and set a $71.00 price target on the stock. in a report on Monday, October 3rd. Finally, Royal Bank Of Canada boosted their price target on shares of Qualcomm from $59.00 to $70.00 and gave the company a “sector perform” rating in a report on Monday, October 3rd. Seventeen research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $66.03.
Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in Qualcomm by 9.2% in the second quarter. FMR LLC now owns 56,983,582 shares of the wireless technology company’s stock worth $3,052,610,000 after buying an additional 4,823,120 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Qualcomm by 2.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 39,745,533 shares of the wireless technology company’s stock worth $2,722,569,000 after buying an additional 780,682 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Qualcomm by 5.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 21,598,005 shares of the wireless technology company’s stock worth $1,157,005,000 after buying an additional 1,086,071 shares in the last quarter. BlackRock Fund Advisors increased its stake in Qualcomm by 16.5% in the third quarter. BlackRock Fund Advisors now owns 21,432,143 shares of the wireless technology company’s stock worth $1,468,102,000 after buying an additional 3,035,542 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Qualcomm by 2.6% in the third quarter. Northern Trust Corp now owns 20,283,988 shares of the wireless technology company’s stock worth $1,389,454,000 after buying an additional 513,204 shares in the last quarter. 77.86% of the stock is owned by institutional investors and hedge funds.
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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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