QUALCOMM, Inc. (QCOM) Sees Large Drop in Short Interest

QUALCOMM, Inc. (NASDAQ:QCOM) was the recipient of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 39,711,442 shares, a decline of 27.2% from the January 15th total of 54,564,188 shares. Based on an average daily trading volume, of 23,449,533 shares, the short-interest ratio is currently 1.7 days. Approximately 3.3% of the company’s shares are sold short.

QCOM stock opened at $51.59 on Thursday. QUALCOMM has a fifty-two week low of $48.56 and a fifty-two week high of $76.50. The company has a current ratio of 1.54, a quick ratio of 1.38 and a debt-to-equity ratio of 4.25. The company has a market cap of $62.52 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 1.58 and a beta of 1.17.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, January 30th. The wireless technology company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.11. QUALCOMM had a return on equity of 36.66% and a net margin of 10.03%. The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the prior year, the business earned $0.98 EPS. The business’s revenue for the quarter was down 21.3% on a year-over-year basis. On average, analysts expect that QUALCOMM will post 3.23 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, March 7th will be issued a dividend of $0.62 per share. The ex-dividend date is Wednesday, March 6th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.81%. QUALCOMM’s dividend payout ratio (DPR) is 77.74%.

A number of research analysts recently issued reports on QCOM shares. Zacks Investment Research upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Wednesday. Raymond James set a $65.00 price target on QUALCOMM and gave the company a “buy” rating in a report on Saturday, February 2nd. ValuEngine downgraded QUALCOMM from a “hold” rating to a “sell” rating in a report on Thursday, January 31st. BMO Capital Markets restated a “market perform” rating on shares of QUALCOMM in a report on Thursday, January 31st. Finally, Citigroup restated a “neutral” rating and set a $55.00 price target (down previously from $62.00) on shares of QUALCOMM in a report on Thursday, January 31st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $66.00.

In other news, EVP Donald J. Rosenberg sold 6,297 shares of QUALCOMM stock in a transaction dated Friday, November 23rd. The stock was 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 is available at this link. Also, President Cristiano R. Amon sold 18,323 shares of QUALCOMM stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $60.23, for a total value of $1,103,594.29. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,668 shares of company stock worth $4,006,189. Company insiders own 0.11% of the company’s stock.

Several hedge funds have recently bought and sold shares of QCOM. Lavaca Capital LLC bought a new stake in shares of QUALCOMM in the 4th quarter worth approximately $25,000. Csenge Advisory Group bought a new stake in shares of QUALCOMM in the 3rd quarter worth approximately $28,000. Transamerica Financial Advisors Inc. boosted its position in shares of QUALCOMM by 688.5% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 615 shares of the wireless technology company’s stock worth $35,000 after purchasing an additional 537 shares in the last quarter. Pearl River Capital LLC bought a new stake in shares of QUALCOMM in the 4th quarter worth approximately $40,000. Finally, Essex Savings Bank bought a new stake in shares of QUALCOMM in the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 92.15% 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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