QUALCOMM (QCOM) Shares Gap Up to $58.11

QUALCOMM, Inc. (NASDAQ:QCOM) gapped up before the market opened on Friday . The stock had previously closed at $58.33, but opened at $58.11. QUALCOMM shares last traded at $57.64, with a volume of 6500064 shares.

A number of research firms have issued reports on QCOM. Deutsche Bank increased their target price on shares of QUALCOMM to $70.00 and gave the stock a “hold” rating in a report on Wednesday, September 19th. KeyCorp began coverage on shares of QUALCOMM in a report on Tuesday, September 25th. They set a “sector weight” rating on the stock. BidaskClub upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Canaccord Genuity reduced their price objective on shares of QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a report on Tuesday, September 25th. Finally, Tigress Financial restated a “buy” rating on shares of QUALCOMM in a report on Friday, September 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. QUALCOMM has a consensus rating of “Buy” and an average price target of $70.44.

The firm has a market cap of $70.44 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 1.43 and a beta of 1.69. The company has a debt-to-equity ratio of 16.56, a quick ratio of 1.40 and a current ratio of 1.55.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.20. The business had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.54 billion. QUALCOMM had a negative net margin of 21.40% and a positive return on equity of 26.21%. The company’s revenue was down 2.1% on a year-over-year basis. During the same period last year, the business earned $0.92 EPS. Research analysts forecast that QUALCOMM, Inc. will post 3.53 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s dividend payout ratio (DPR) is 77.74%.

In related news, EVP Donald J. Rosenberg sold 6,297 shares of the stock in a transaction on Friday, November 23rd. The shares were sold at an average price of $55.22, for a total value of $347,720.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 854 shares of the stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $72.18, for a total transaction of $61,641.72. Following the completion of the transaction, the executive vice president now directly owns 5,197 shares in the company, valued at $375,119.46. The disclosure for this sale can be found here. Insiders sold a total of 96,629 shares of company stock worth $6,561,814 over the last ninety days. Insiders own 0.17% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Clearbridge Investments LLC grew its position in QUALCOMM by 28.8% during the 3rd quarter. Clearbridge Investments LLC now owns 9,192,851 shares of the wireless technology company’s stock worth $662,161,000 after purchasing an additional 2,058,096 shares during the last quarter. Carnegie Capital Asset Management LLC grew its position in QUALCOMM by 73.3% during the 3rd quarter. Carnegie Capital Asset Management LLC now owns 7,794 shares of the wireless technology company’s stock worth $434,000 after purchasing an additional 3,297 shares during the last quarter. Reynders McVeigh Capital Management LLC grew its position in QUALCOMM by 15.6% during the 3rd quarter. Reynders McVeigh Capital Management LLC now owns 9,177 shares of the wireless technology company’s stock worth $661,000 after purchasing an additional 1,239 shares during the last quarter. Belpointe Asset Management LLC grew its position in QUALCOMM by 92.3% during the 3rd quarter. Belpointe Asset Management LLC now owns 19,684 shares of the wireless technology company’s stock worth $1,418,000 after purchasing an additional 9,447 shares during the last quarter. Finally, Morgan Stanley grew its position in QUALCOMM by 163.2% during the 3rd quarter. Morgan Stanley now owns 18,891,278 shares of the wireless technology company’s stock worth $1,360,740,000 after purchasing an additional 11,713,988 shares during the last quarter. 89.45% of the stock is currently owned by hedge funds and other institutional investors.

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QUALCOMM Company Profile (NASDAQ:QCOM)

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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