Franklin Resources Inc. lowered its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 31.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 354,890 shares of the wireless technology company’s stock after selling 162,192 shares during the period. Franklin Resources Inc.’s holdings in QUALCOMM were worth $22,720,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Wrapmanager Inc. purchased a new position in shares of QUALCOMM in the third quarter valued at $369,000. Garde Capital Inc. increased its position in shares of QUALCOMM by 77.8% in the third quarter. Garde Capital Inc. now owns 17,252 shares of the wireless technology company’s stock valued at $894,000 after buying an additional 7,547 shares in the last quarter. Conning Inc. increased its position in shares of QUALCOMM by 16.4% in the third quarter. Conning Inc. now owns 719,378 shares of the wireless technology company’s stock valued at $37,293,000 after buying an additional 101,483 shares in the last quarter. Global Financial Private Capital LLC increased its position in shares of QUALCOMM by 8.1% in the fourth quarter. Global Financial Private Capital LLC now owns 39,953 shares of the wireless technology company’s stock valued at $2,558,000 after buying an additional 3,000 shares in the last quarter. Finally, Ffcm LLC increased its position in shares of QUALCOMM by 44.7% in the third quarter. Ffcm LLC now owns 101,475 shares of the wireless technology company’s stock valued at $5,261,000 after buying an additional 31,326 shares in the last quarter. Institutional investors and hedge funds own 78.00% of the company’s stock.
A number of research analysts have recently weighed in on the company. Citigroup assumed coverage on QUALCOMM in a research report on Thursday. They issued a “neutral” rating and a $58.00 price target for the company. UBS started coverage on QUALCOMM in a research report on Thursday, April 5th. They issued a “neutral” rating and a $56.00 price target for the company. BidaskClub cut QUALCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 22nd. Morgan Stanley started coverage on QUALCOMM in a research report on Monday, March 19th. They set an “underweight” rating and a $55.00 price objective for the company. Finally, Wells Fargo started coverage on QUALCOMM in a research report on Friday, March 16th. They set a “market perform” rating for the company. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $67.82.
In other news, EVP Alexander H. Rogers sold 663 shares of QUALCOMM stock in a transaction dated Tuesday, March 27th. The stock was sold at an average price of $56.59, for a total value of $37,519.17. Following the transaction, the executive vice president now directly owns 8,794 shares of the company’s stock, valued at approximately $497,652.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 713 shares of QUALCOMM stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $68.20, for a total value of $48,626.60. Following the completion of the transaction, the executive vice president now directly owns 10,403 shares in the company, valued at $709,484.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,682 shares of company stock worth $3,306,030. 0.17% of the stock is owned by corporate insiders.
Shares of NASDAQ:QCOM opened at $55.73 on Friday. The company has a current ratio of 3.41, a quick ratio of 3.25 and a debt-to-equity ratio of 0.81. QUALCOMM, Inc. has a 12-month low of $48.92 and a 12-month high of $69.28. The stock has a market capitalization of $81,716.04, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 1.72 and a beta of 1.44.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.07. QUALCOMM had a positive return on equity of 18.10% and a negative net margin of 18.65%. The firm had revenue of $6.10 billion for the quarter, compared to analyst estimates of $5.93 billion. During the same period last year, the company earned $1.19 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. sell-side analysts expect that QUALCOMM, Inc. will post 2.8 earnings per share for the current year.
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QUALCOMM Company Profile
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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