Qualcomm Inc. (QCOM) Sees Large Growth in Short Interest

Qualcomm Inc. (NASDAQ:QCOM) was the recipient of a large increase in short interest in September. As of September 30th, there was short interest totalling 23,078,712 shares, an increase of 7.7% from the September 15th total of 21,426,491 shares. Based on an average daily volume of 13,161,265 shares, the short-interest ratio is currently 1.8 days. Approximately 1.6% of the company’s stock are sold short.

Several brokerages have recently weighed in on QCOM. Vetr upgraded Qualcomm from a “hold” rating to a “buy” rating and set a $68.38 price objective for the company in a report on Thursday. Sanford C. Bernstein restated a “hold” rating on shares of Qualcomm in a report on Thursday. Canaccord Genuity raised their price objective on Qualcomm from $70.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday. Cowen and Company restated an “outperform” rating and issued a $74.00 price objective on shares of Qualcomm in a report on Monday. Finally, BNP Paribas restated a “hold” rating and issued a $54.00 price objective on shares of Qualcomm in a report on Sunday, October 9th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $64.12.

Qualcomm (NASDAQ:QCOM) opened at 65.70 on Friday. The company has a market capitalization of $96.82 billion, a PE ratio of 19.24 and a beta of 1.25. Qualcomm has a one year low of $42.24 and a one year high of $70.40. The firm’s 50-day moving average is $64.08 and its 200 day moving average is $57.23.

Qualcomm (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter in the previous year, the company posted $0.99 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities analysts expect that Qualcomm will post $4.30 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 annualized dividend and a yield of 3.23%. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.

In other Qualcomm news, EVP Matthew S. Grob sold 2,000 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $68.18, for a total transaction of $136,360.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Raymond V. Dittamore sold 18,000 shares of the stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $68.39, for a total value of $1,231,020.00. Following the transaction, the director now owns 5,813 shares of the company’s stock, valued at approximately $397,551.07. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.

Large investors have recently made changes to their positions in the company. Private Trust Co. NA boosted its stake in shares of Qualcomm by 6.7% in the third quarter. Private Trust Co. NA now owns 25,552 shares of the wireless technology company’s stock valued at $1,750,000 after buying an additional 1,599 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co boosted its stake in shares of Qualcomm by 1.0% in the third quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 59,427 shares of the wireless technology company’s stock valued at $4,071,000 after buying an additional 597 shares during the period. Forte Capital LLC ADV boosted its stake in shares of Qualcomm by 44.2% in the third quarter. Forte Capital LLC ADV now owns 14,770 shares of the wireless technology company’s stock valued at $1,012,000 after buying an additional 4,525 shares during the period. First PREMIER Bank boosted its stake in shares of Qualcomm by 127.8% in the third quarter. First PREMIER Bank now owns 2,718 shares of the wireless technology company’s stock valued at $186,000 after buying an additional 1,525 shares during the period. Finally, Orrstown Financial Services Inc. boosted its stake in shares of Qualcomm by 53.2% in the third quarter. Orrstown Financial Services Inc. now owns 1,627 shares of the wireless technology company’s stock valued at $111,000 after buying an additional 565 shares during the period. 78.05% of the stock is currently owned by institutional investors.

Qualcomm Company Profile

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.

5 Day Chart for NASDAQ:QCOM

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