QUALCOMM Incorporated (NASDAQ:QCOM) Sees Significant Increase in Short Interest

QUALCOMM Incorporated (NASDAQ:QCOM) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 20,680,000 shares, an increase of 19.8% from the February 28th total of 17,260,000 shares. Currently, 1.9% of the company’s shares are short sold. Based on an average daily trading volume, of 7,770,000 shares, the short-interest ratio is currently 2.7 days.

QUALCOMM Stock Performance

QUALCOMM stock traded down $12.27 during trading hours on Thursday, reaching $141.81. 3,516,182 shares of the stock were exchanged, compared to its average volume of 8,574,547. QUALCOMM has a 52-week low of $141.72 and a 52-week high of $230.63. The stock has a market cap of $156.84 billion, a P/E ratio of 15.15, a P/E/G ratio of 2.01 and a beta of 1.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The firm’s 50 day moving average is $163.33 and its 200 day moving average is $163.57.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Analysts predict that QUALCOMM will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th were given a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Thursday, March 6th. QUALCOMM’s payout ratio is 36.32%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of QUALCOMM in a research report on Thursday, February 6th. StockNews.com downgraded QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 12th. Melius assumed coverage on QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 price objective for the company. Barclays lowered their price objective on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Finally, Evercore ISI decreased their price target on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $205.32.

Insider Activity

In related news, CAO Neil Martin sold 744 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $174.83, for a total transaction of $130,073.52. Following the completion of the transaction, the chief accounting officer now directly owns 461 shares in the company, valued at $80,596.63. This trade represents a 61.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alexander H. Rogers sold 19,287 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the sale, the insider now owns 20,762 shares in the company, valued at $3,526,010.46. This trade represents a 48.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,968 shares of company stock valued at $4,685,077. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On QUALCOMM

A number of large investors have recently made changes to their positions in the stock. Ascent Group LLC increased its position in shares of QUALCOMM by 241.6% in the third quarter. Ascent Group LLC now owns 9,665 shares of the wireless technology company’s stock valued at $1,644,000 after buying an additional 6,836 shares in the last quarter. Hilltop Holdings Inc. increased its holdings in QUALCOMM by 31.4% during the 3rd quarter. Hilltop Holdings Inc. now owns 7,349 shares of the wireless technology company’s stock valued at $1,250,000 after acquiring an additional 1,758 shares in the last quarter. HighTower Advisors LLC raised its position in QUALCOMM by 7.6% during the third quarter. HighTower Advisors LLC now owns 1,299,006 shares of the wireless technology company’s stock worth $221,391,000 after acquiring an additional 91,354 shares during the last quarter. Heard Capital LLC lifted its holdings in shares of QUALCOMM by 12.2% in the third quarter. Heard Capital LLC now owns 14,480 shares of the wireless technology company’s stock valued at $2,462,000 after purchasing an additional 1,580 shares in the last quarter. Finally, Harmony Asset Management LLC grew its position in shares of QUALCOMM by 49.5% in the third quarter. Harmony Asset Management LLC now owns 1,902 shares of the wireless technology company’s stock valued at $323,000 after purchasing an additional 630 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Company Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry 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 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.