QUALCOMM (QCOM) Shares Gap Down to $55.23

QUALCOMM, Inc. (NASDAQ:QCOM) gapped down prior to trading on Thursday . The stock had previously closed at $56.46, but opened at $55.23. QUALCOMM shares last traded at $52.57, with a volume of 19141942 shares trading hands.

QCOM has been the subject of a number of research reports. ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Nomura raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and increased their price target for the stock from $58.00 to $75.00 in a report on Tuesday, January 16th. Vetr cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $76.42 price target for the company. in a report on Thursday, February 1st. UBS initiated coverage on shares of QUALCOMM in a report on Thursday, April 5th. They set a “neutral” rating and a $56.00 price target for the company. Finally, Wells Fargo initiated coverage on shares of QUALCOMM in a report on Friday, March 16th. They set a “market perform” rating for the company. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $66.62.

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The company has a current ratio of 3.41, a quick ratio of 3.25 and a debt-to-equity ratio of 0.81. The firm has a market cap of $81,938.09, a PE ratio of 13.91, a PEG ratio of 1.72 and a beta of 1.44.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, January 31st. The wireless technology company reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.07. QUALCOMM had a negative net margin of 18.65% and a positive return on equity of 18.10%. The company had revenue of $6.10 billion during the quarter, compared to analysts’ expectations of $5.93 billion. During the same period last year, the company posted $1.19 earnings per share. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. analysts predict that QUALCOMM, Inc. will post 2.8 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Wednesday, May 30th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, May 29th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.57. This represents a $2.48 dividend on an annualized basis and a yield of 4.72%. QUALCOMM’s dividend payout ratio (DPR) is 60.32%.

In other news, EVP James H. Thompson sold 50,126 shares of the stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $62.66, for a total value of $3,140,895.16. Following the sale, the executive vice president now directly owns 136,482 shares in the company, valued at $8,551,962.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 663 shares of the stock in a transaction that occurred on Tuesday, March 27th. The shares were sold at an average price of $56.59, for a total transaction of $37,519.17. Following the completion of the sale, the executive vice president now owns 8,794 shares in the company, valued at $497,652.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,682 shares of company stock valued at $3,306,030. 0.17% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in QCOM. Alpha Cubed Investments LLC grew its position in shares of QUALCOMM by 317.9% in the third quarter. Alpha Cubed Investments LLC now owns 53,129 shares of the wireless technology company’s stock valued at $2,754,000 after purchasing an additional 40,416 shares during the last quarter. Gilman Hill Asset Management LLC grew its position in shares of QUALCOMM by 1.4% in the third quarter. Gilman Hill Asset Management LLC now owns 86,299 shares of the wireless technology company’s stock valued at $4,474,000 after purchasing an additional 1,177 shares during the last quarter. Whittier Trust Co. grew its position in shares of QUALCOMM by 13.5% in the third quarter. Whittier Trust Co. now owns 47,357 shares of the wireless technology company’s stock valued at $2,455,000 after purchasing an additional 5,624 shares during the last quarter. Adviser Investments LLC grew its position in shares of QUALCOMM by 19.2% in the third quarter. Adviser Investments LLC now owns 9,582 shares of the wireless technology company’s stock valued at $497,000 after purchasing an additional 1,545 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of QUALCOMM in the third quarter valued at approximately $477,000. Institutional investors and hedge funds own 78.00% of the company’s stock.

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QUALCOMM Company Profile

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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