QUALCOMM (QCOM) Sees Large Volume Increase on Analyst Upgrade

QUALCOMM, Inc. (NASDAQ:QCOM) saw unusually-high trading volume on Wednesday after Canaccord Genuity raised their price target on the stock from $83.00 to $86.00. Canaccord Genuity currently has a buy rating on the stock. Approximately 7,340,000 shares traded hands during mid-day trading, a decline of 10% from the previous session’s volume of 8,170,000 shares.The stock last traded at $67.76 and had previously closed at $68.25.

A number of other analysts have also weighed in on the stock. Vetr raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $69.52 price objective on the stock in a research report on Monday, November 13th. Stifel Nicolaus reissued a “buy” rating on shares of QUALCOMM in a research report on Thursday, October 12th. Citigroup increased their price objective on shares of QUALCOMM from $55.00 to $57.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Standpoint Research lowered shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Monday, November 6th. Finally, UBS Group reduced their target price on shares of QUALCOMM from $58.00 to $53.00 and set a “buy” rating on the stock in a research report on Monday, November 6th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $67.14.

In other news, EVP Matthew S. Grob sold 20,000 shares of the stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $60.44, for a total transaction of $1,208,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michelle M. Sterling sold 7,840 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $66.56, for a total transaction of $521,830.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,989 shares of company stock worth $4,678,794. Insiders own 0.24% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QCOM. Westwood Holdings Group Inc. acquired a new stake in QUALCOMM in the second quarter valued at approximately $114,000. Krilogy Financial LLC boosted its stake in QUALCOMM by 47.0% in the second quarter. Krilogy Financial LLC now owns 2,331 shares of the wireless technology company’s stock valued at $129,000 after acquiring an additional 745 shares in the last quarter. Capstone Investment Advisors Netherlands B.V. acquired a new stake in QUALCOMM in the second quarter valued at approximately $141,000. Jacobi Capital Management LLC boosted its stake in QUALCOMM by 7.8% in the second quarter. Jacobi Capital Management LLC now owns 2,767 shares of the wireless technology company’s stock valued at $154,000 after acquiring an additional 200 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its stake in QUALCOMM by 40.7% in the second quarter. Penserra Capital Management LLC now owns 2,912 shares of the wireless technology company’s stock valued at $160,000 after acquiring an additional 842 shares in the last quarter. Hedge funds and other institutional investors own 76.23% of the company’s stock.

The company has a market cap of $100,020.00, a P/E ratio of 41.19, a price-to-earnings-growth ratio of 1.85 and a beta of 1.39. The company has a current ratio of 4.00, a quick ratio of 3.81 and a debt-to-equity ratio of 0.63.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, November 1st. The wireless technology company reported $0.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.22. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The business had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. sell-side analysts anticipate that QUALCOMM, Inc. will post 3.07 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $2.28 annualized dividend and a dividend yield of 3.35%. QUALCOMM’s payout ratio is currently 138.18%.

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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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