Today: Qualcomm Inc. (QCOM) Sees Significant Decrease in Short Interest

Today: Qualcomm Inc. (QCOM) Sees Significant Decrease in Short Interest

Qualcomm Inc. (NASDAQ:QCOM) saw a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 21,820,067 shares, a drop of 12.3% from the October 31st total of 24,870,064 shares. Based on an average daily trading volume, of 11,065,420 shares, the short-interest ratio is currently 2.0 days. Approximately 1.5% of the company’s stock are short sold.

Qualcomm (NASDAQ:QCOM) opened at 68.29 on Monday. The stock has a 50 day moving average of $67.26 and a 200 day moving average of $60.72. Qualcomm has a 12-month low of $42.24 and a 12-month high of $71.62. The firm has a market cap of $100.86 billion, a PE ratio of 17.92 and a beta of 1.36.

Qualcomm (NASDAQ:QCOM) last posted its earnings results on Wednesday, November 2nd. The wireless technology company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.13 by $0.15. Qualcomm had a net margin of 24.22% and a return on equity of 19.31%. The business had revenue of $9.17 billion for the quarter, compared to the consensus estimate of $5.84 billion. During the same period last year, the company earned $0.91 EPS. The firm’s revenue was up 68.2% compared to the same quarter last year. On average, equities research analysts anticipate that Qualcomm will post $4.76 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be given a dividend of $0.53 per share. The ex-dividend date is Monday, November 28th. This represents a $2.12 annualized dividend and a yield of 3.10%. Qualcomm’s dividend payout ratio is presently 55.64%.

A number of equities research analysts have issued reports on the stock. Vetr raised shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $76.60 target price for the company in a research note on Monday. Morgan Stanley downgraded shares of Qualcomm from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $67.88 to $65.00 in a report on Thursday, November 10th. They noted that the move was a valuation call. Cowen and Company restated an “outperform” rating and set a $74.00 price target on shares of Qualcomm in a report on Monday, November 7th. Canaccord Genuity restated a “buy” rating and set a $81.00 price target on shares of Qualcomm in a report on Friday, November 4th. Finally, Pacific Crest restated a “buy” rating and set a $83.00 price target on shares of Qualcomm in a report on Thursday, November 3rd. Seventeen investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. Qualcomm has a consensus rating of “Buy” and a consensus target price of $66.05.

In other Qualcomm news, Director Stiles Barbara Alexander sold 22,000 shares of Qualcomm stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $68.52, for a total transaction of $1,507,440.00. Following the completion of the sale, the director now owns 2,440 shares of the company’s stock, valued at approximately $167,188.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Derek K. Aberle sold 20,874 shares of Qualcomm stock in a transaction on Wednesday, August 31st. The shares were sold at an average price of $62.81, for a total transaction of $1,311,095.94. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.

A number of large investors have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new stake in Qualcomm during the first quarter valued at approximately $14,619,000. Gardiner Nancy B increased its stake in Qualcomm by 22.3% in the first quarter. Gardiner Nancy B now owns 7,605 shares of the wireless technology company’s stock valued at $388,000 after buying an additional 1,385 shares in the last quarter. SevenBridge Financial Group LLC acquired a new stake in Qualcomm during the first quarter valued at approximately $520,000. Iowa State Bank increased its stake in Qualcomm by 4.7% in the second quarter. Iowa State Bank now owns 54,353 shares of the wireless technology company’s stock valued at $2,912,000 after buying an additional 2,445 shares in the last quarter. Finally, Integrated Investment Consultants LLC increased its stake in Qualcomm by 37.3% in the second quarter. Integrated Investment Consultants LLC now owns 17,716 shares of the wireless technology company’s stock valued at $949,000 after buying an additional 4,814 shares in the last quarter. Institutional investors and hedge funds own 77.86% of the company’s stock.

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