Beacon Investment Advisory Services Inc. increased its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 72.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,214 shares of the wireless technology company’s stock after buying an additional 2,609 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in QUALCOMM were worth $343,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Artisan Partners Limited Partnership lifted its position in QUALCOMM by 9.0% in the 1st quarter. Artisan Partners Limited Partnership now owns 9,444,032 shares of the wireless technology company’s stock valued at $541,521,000 after acquiring an additional 783,394 shares in the last quarter. Legal & General Group Plc lifted its position in QUALCOMM by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 7,897,041 shares of the wireless technology company’s stock valued at $436,076,000 after acquiring an additional 137,733 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in QUALCOMM by 6.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 7,334,442 shares of the wireless technology company’s stock valued at $405,008,000 after acquiring an additional 439,180 shares in the last quarter. Schroder Investment Management Group increased its position in shares of QUALCOMM by 30.8% during the first quarter. Schroder Investment Management Group now owns 6,562,412 shares of the wireless technology company’s stock valued at $375,369,000 after buying an additional 1,544,792 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of QUALCOMM by 589.4% during the first quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock valued at $339,007,000 after buying an additional 5,054,642 shares during the period. Institutional investors own 76.93% of the company’s stock.
In other QUALCOMM news, EVP Michelle M. Sterling sold 4,740 shares of the stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 5,810 shares of company stock valued at $301,596. 0.24% of the stock is currently owned by insiders.
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Shares of QUALCOMM Incorporated (QCOM) opened at 52.41 on Wednesday. The company has a market cap of $77.36 billion, a price-to-earnings ratio of 20.07 and a beta of 1.28. QUALCOMM Incorporated has a 12-month low of $48.92 and a 12-month high of $71.62. The stock has a 50 day moving average of $51.84 and a 200 day moving average of $54.30.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. QUALCOMM’s quarterly revenue was down 11.1% on a year-over-year basis. Equities research analysts predict that QUALCOMM Incorporated will post $4.16 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 29th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date is Tuesday, November 28th. QUALCOMM’s dividend payout ratio is currently 87.36%.
Several brokerages recently issued reports on QCOM. Zacks Investment Research upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday. Northland Securities cut shares of QUALCOMM from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $75.00 to $62.50 in a report on Wednesday, June 28th. BMO Capital Markets restated a “market perform” rating and issued a $54.00 price objective on shares of QUALCOMM in a report on Monday, July 10th. Rosenblatt Securities restated a “neutral” rating and issued a $56.00 price objective on shares of QUALCOMM in a report on Friday, June 30th. Finally, Wells Fargo & Company restated an “outperform” rating on shares of QUALCOMM in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $63.80.
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.
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