Bruni J V & Co. Co. trimmed its holdings in Qualcomm (NASDAQ:QCOM) by 0.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 381,018 shares of the wireless technology company’s stock after selling 2,002 shares during the quarter. Qualcomm makes up approximately 3.6% of Bruni J V & Co. Co.’s portfolio, making the stock its 12th largest holding. Bruni J V & Co. Co.’s holdings in Qualcomm were worth $21,112,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also bought and sold shares of the business. Truewealth LLC bought a new position in shares of Qualcomm during the 4th quarter valued at approximately $102,000. We Are One Seven LLC bought a new position in shares of Qualcomm during the 4th quarter valued at approximately $119,000. Gradient Investments LLC bought a new position in shares of Qualcomm during the 4th quarter valued at approximately $120,000. Cerebellum GP LLC bought a new position in shares of Qualcomm during the 4th quarter valued at approximately $126,000. Finally, Avestar Capital LLC bought a new position in shares of Qualcomm during the 4th quarter valued at approximately $141,000. Institutional investors and hedge funds own 78.21% of the company’s stock.
A number of analysts recently issued reports on QCOM shares. ValuEngine upgraded Qualcomm from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Citigroup started coverage on Qualcomm in a research report on Thursday, April 12th. They issued a “neutral” rating and a $58.00 price target for the company. KeyCorp raised their price target on Qualcomm from $68.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Morgan Stanley started coverage on Qualcomm in a research report on Monday, March 19th. They issued an “underweight” rating and a $55.00 price target for the company. Finally, Zacks Investment Research downgraded Qualcomm from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $64.17.
QCOM stock opened at $56.70 on Thursday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.46 and a current ratio of 3.60. Qualcomm has a twelve month low of $55.66 and a twelve month high of $56.66. The firm has a market capitalization of $84.12 billion, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 1.82 and a beta of 1.47.
Qualcomm (NASDAQ:QCOM) last released its earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.10. Qualcomm had a positive return on equity of 16.48% and a negative net margin of 20.16%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.21 billion. During the same quarter last year, the firm posted $1.34 earnings per share. The business’s revenue was down 13.3% compared to the same quarter last year. sell-side analysts predict that Qualcomm will post 2.71 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, May 30th will be paid a dividend of $0.62 per share. The ex-dividend date is Tuesday, May 29th. This represents a $2.48 annualized dividend and a dividend yield of 4.37%. This is a positive change from Qualcomm’s previous quarterly dividend of $0.57. Qualcomm’s dividend payout ratio (DPR) is currently 60.32%.
Qualcomm declared that its Board of Directors has approved a stock repurchase plan on Wednesday, May 9th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, EVP Alexander H. Rogers sold 1,180 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $66.94, for a total transaction of $78,989.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP James H. Thompson sold 50,126 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $62.66, for a total value of $3,140,895.16. Following the transaction, the executive vice president now owns 136,482 shares in the company, valued at approximately $8,551,962.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,383 shares of company stock worth $4,762,616. Insiders own 0.24% of the company’s stock.
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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