Short Interest in QUALCOMM, Inc. (QCOM) Rises By 87.9%

QUALCOMM, Inc. (NASDAQ:QCOM) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 29,887,640 shares, a growth of 87.9% from the August 15th total of 15,903,428 shares. Based on an average daily trading volume, of 13,827,500 shares, the short-interest ratio is presently 2.2 days. Currently, 2.0% of the shares of the stock are short sold.

Shares of NASDAQ QCOM traded down $1.17 during trading on Friday, reaching $71.21. 11,734,918 shares of the company traded hands, compared to its average volume of 11,755,862. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67. The company has a market cap of $105.82 billion, a PE ratio of 18.84, a PEG ratio of 2.12 and a beta of 1.66. QUALCOMM has a 52-week low of $48.56 and a 52-week high of $76.50.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results 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. The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.19 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 EPS. As a group, equities research analysts anticipate that QUALCOMM will post 3.12 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 26th. Investors of record on Wednesday, September 5th were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Tuesday, September 4th. QUALCOMM’s payout ratio is 65.61%.

QUALCOMM declared that its board has initiated a share repurchase program on Thursday, July 26th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to buy up to 34.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Several equities research analysts have weighed in on the stock. Deutsche Bank increased their price target on shares of QUALCOMM to $70.00 and gave the company a “hold” rating in a research report on Wednesday, September 19th. KeyCorp began coverage on shares of QUALCOMM in a report on Tuesday, September 25th. They issued a “sector weight” rating for the company. BidaskClub upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Canaccord Genuity decreased their price objective 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. Finally, Tigress Financial restated a “buy” rating on shares of QUALCOMM in a report on Friday, September 28th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the company. QUALCOMM has a consensus rating of “Buy” and an average price target of $71.12.

In other QUALCOMM news, EVP Alexander H. Rogers sold 854 shares of the stock in a transaction on Thursday, September 27th. The shares were 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 approximately $375,119.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alexander H. Rogers sold 828 shares of the stock in a transaction on Friday, July 27th. The shares were sold at an average price of $63.40, for a total transaction of $52,495.20. Following the sale, the executive vice president now directly owns 7,170 shares of the company’s stock, valued at approximately $454,578. The disclosure for this sale can be found here. Insiders sold a total of 2,988 shares of company stock worth $202,122 in the last three months. Insiders own 0.24% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Aristotle Capital Management LLC purchased a new position in QUALCOMM during the first quarter valued at approximately $105,000. Moneta Group Investment Advisors LLC lifted its holdings in QUALCOMM by 9,686.8% during the second quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock valued at $105,000 after purchasing an additional 73,523 shares in the last quarter. Squar Milner Financial Services LLC purchased a new position in QUALCOMM during the second quarter valued at approximately $106,000. Institutional & Family Asset Management LLC purchased a new position in QUALCOMM during the first quarter valued at approximately $121,000. Finally, Point72 Asia Hong Kong Ltd lifted its holdings in QUALCOMM by 318.9% during the first quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock valued at $138,000 after purchasing an additional 1,891 shares in the last quarter. 77.39% of the stock is currently owned by institutional investors.

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.

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