QUALCOMM (NASDAQ:QCOM) Shares Gap Down to $71.24

QUALCOMM, Inc. (NASDAQ:QCOM) shares gapped down prior to trading on Wednesday . The stock had previously closed at $72.95, but opened at $71.24. QUALCOMM shares last traded at $69.59, with a volume of 8510151 shares.

QCOM has been the topic of several recent research reports. Argus increased their price target on QUALCOMM to $95.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Canaccord Genuity reiterated a “buy” rating and issued a $89.00 price target (up previously from $75.00) on shares of QUALCOMM in a report on Wednesday, April 17th. Mizuho reiterated a “buy” rating and issued a $82.00 price target (up previously from $62.00) on shares of QUALCOMM in a report on Wednesday, April 17th. ValuEngine upgraded QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, April 16th. Finally, Stifel Nicolaus upgraded QUALCOMM from a “hold” rating to a “buy” rating and increased their price target for the stock from $57.00 to $100.00 in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $79.68.

The company has a quick ratio of 1.39, a current ratio of 1.55 and a debt-to-equity ratio of 3.98. The firm has a market cap of $84.60 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.52 and a beta of 1.59.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.07. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The company had revenue of $4.88 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same quarter last year, the company earned $0.80 earnings per share. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities analysts forecast that QUALCOMM, Inc. will post 3.31 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 6th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Wednesday, June 5th. QUALCOMM’s payout ratio is 77.74%.

In related news, EVP Michelle M. Sterling sold 5,560 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $86.44, for a total transaction of $480,606.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alexander H. Rogers sold 20,862 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $88.43, for a total value of $1,844,826.66. The disclosure for this sale can be found here. Insiders have sold 949,832 shares of company stock valued at $37,443,538 over the last ninety days. 0.11% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Farmers National Bank purchased a new stake in QUALCOMM in the first quarter worth $26,000. Meridian Wealth Management LLC purchased a new stake in QUALCOMM in the first quarter worth $26,000. Mark Sheptoff Financial Planning LLC purchased a new stake in QUALCOMM in the first quarter worth $29,000. Field & Main Bank purchased a new stake in QUALCOMM in the first quarter worth $32,000. Finally, Baldwin Brothers Inc. MA purchased a new stake in QUALCOMM in the first quarter worth $34,000. 76.38% of the stock is owned by institutional investors.

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About QUALCOMM (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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