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

QUALCOMM, Inc. (NASDAQ:QCOM) saw a large drop in short interest in January. As of January 31st, there was short interest totalling 39,711,442 shares, a drop of 27.2% from the January 15th total of 54,564,188 shares. Based on an average trading volume of 23,449,533 shares, the days-to-cover ratio is currently 1.7 days. Approximately 3.3% of the shares of the stock are short sold.

Several equities research analysts recently weighed in on the company. Zacks Investment Research downgraded QUALCOMM from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 8th. BMO Capital Markets reissued a “market perform” rating on shares of QUALCOMM in a report on Thursday, January 31st. Stifel Nicolaus cut their price objective on QUALCOMM from $62.00 to $58.00 and set a “hold” rating on the stock in a report on Thursday, November 8th. Deutsche Bank cut their price objective on QUALCOMM to $65.00 and set a “hold” rating on the stock in a report on Thursday, November 8th. Finally, Cowen reissued an “outperform” rating and set a $70.00 price objective (down previously from $73.00) on shares of QUALCOMM in a report on Thursday, January 31st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $66.25.

In related news, EVP Donald J. Rosenberg sold 6,297 shares of the firm’s stock in a transaction on Friday, November 23rd. The stock was sold at an average price of $55.22, for a total transaction of $347,720.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Cristiano R. Amon sold 18,323 shares of the firm’s stock in a transaction on Monday, December 3rd. The shares were 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 three months, insiders have sold 33,668 shares of company stock worth $1,976,189. 0.11% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Boenning & Scattergood Inc. increased its position in QUALCOMM by 3.1% in the 4th quarter. Boenning & Scattergood Inc. now owns 6,537 shares of the wireless technology company’s stock valued at $372,000 after buying an additional 197 shares in the last quarter. Evanson Asset Management LLC increased its position in QUALCOMM by 4.9% in the 4th quarter. Evanson Asset Management LLC now owns 4,231 shares of the wireless technology company’s stock valued at $241,000 after buying an additional 199 shares in the last quarter. Highland Capital Management LLC increased its position in QUALCOMM by 0.4% in the 4th quarter. Highland Capital Management LLC now owns 53,274 shares of the wireless technology company’s stock valued at $3,032,000 after buying an additional 200 shares in the last quarter. Baystate Wealth Management LLC increased its position in QUALCOMM by 13.8% in the 4th quarter. Baystate Wealth Management LLC now owns 1,811 shares of the wireless technology company’s stock valued at $100,000 after buying an additional 219 shares in the last quarter. Finally, Diligent Investors LLC increased its position in QUALCOMM by 0.8% in the 4th quarter. Diligent Investors LLC now owns 29,583 shares of the wireless technology company’s stock valued at $1,684,000 after buying an additional 222 shares in the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

Shares of QCOM opened at $50.83 on Tuesday. The stock has a market cap of $60.87 billion, a price-to-earnings ratio of 15.93, a P/E/G ratio of 1.58 and a beta of 1.17. QUALCOMM has a 12 month low of $48.56 and a 12 month high of $76.50. The company has a debt-to-equity ratio of 4.25, a quick ratio of 1.38 and a current ratio of 1.54.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, March 7th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 4.88%. The ex-dividend date of this dividend is Wednesday, March 6th. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.

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About QUALCOMM

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.

See Also: Cost of Goods Sold (COGS)

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