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

QUALCOMM, Inc. (NASDAQ:QCOM) was the target of a significant drop in short interest in the month of September. As of September 28th, there was short interest totalling 127,026,496 shares, a drop of 7.2% from the September 14th total of 136,837,666 shares. Approximately 8.7% of the company’s stock are short sold. Based on an average daily volume of 15,114,833 shares, the days-to-cover ratio is currently 8.4 days.

A number of equities research analysts have commented on QCOM shares. Royal Bank of Canada raised their price target on shares of QUALCOMM to $77.00 and gave the stock an “outperform” rating in a report on Friday, September 7th. Canaccord Genuity reduced their price target on shares of QUALCOMM from $88.00 to $86.00 and set a “buy” rating for the company in a report on Tuesday, September 25th. BidaskClub upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. ValuEngine upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Finally, Nomura lifted their price objective on shares of QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, September 4th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and fifteen have issued a buy rating to the company. QUALCOMM currently has an average rating of “Buy” and an average price target of $71.12.

In other QUALCOMM news, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total value of $6,098,286.25. Following the completion of the sale, the president now directly owns 58,045 shares in the company, valued at $3,994,076.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alexander H. Rogers sold 854 shares of the firm’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total transaction of $61,641.72. Following the completion of the sale, the executive vice president now owns 5,197 shares of the company’s stock, valued at $375,119.46. The disclosure for this sale can be found here. Insiders sold 91,613 shares of company stock valued at $6,300,408 over the last 90 days. Corporate insiders own 0.24% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in QCOM. Bank of New York Mellon Corp boosted its holdings in QUALCOMM by 13.4% during the second quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock worth $1,170,308,000 after purchasing an additional 2,463,511 shares during the last quarter. Millennium Management LLC boosted its holdings in QUALCOMM by 121.1% during the second quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock worth $182,666,000 after purchasing an additional 1,782,585 shares during the last quarter. Putnam Investments LLC boosted its holdings in QUALCOMM by 128.4% during the second quarter. Putnam Investments LLC now owns 2,506,811 shares of the wireless technology company’s stock worth $140,682,000 after purchasing an additional 1,409,034 shares during the last quarter. Waddell & Reed Financial Inc. boosted its holdings in QUALCOMM by 18.8% during the second quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock worth $282,280,000 after purchasing an additional 794,924 shares during the last quarter. Finally, Robecosam AG purchased a new position in QUALCOMM during the first quarter worth about $41,003,000. Institutional investors and hedge funds own 77.39% of the company’s stock.

Shares of NASDAQ QCOM opened at $64.29 on Friday. The stock has a market cap of $105.82 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 2.12 and a beta of 1.66. QUALCOMM has a 1 year low of $48.56 and a 1 year high of $76.50. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.30. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same period last year, the company earned $0.83 earnings per share. The business’s revenue was up 5.7% on a year-over-year basis. As a group, research analysts anticipate that QUALCOMM will post 3.12 EPS for the current fiscal year.

QUALCOMM declared that its board has authorized a stock repurchase program on Thursday, July 26th that permits the company to buyback $30.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to purchase up to 34.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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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