Fort L.P. reduced its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 5.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,445 shares of the wireless technology company’s stock after selling 2,060 shares during the period. Fort L.P.’s holdings in QUALCOMM were worth $1,964,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Rockefeller Capital Management L.P. acquired a new position in QUALCOMM in the first quarter valued at approximately $4,604,000. Eagle Asset Management Inc. increased its stake in QUALCOMM by 32.3% in the first quarter. Eagle Asset Management Inc. now owns 8,655 shares of the wireless technology company’s stock valued at $479,000 after purchasing an additional 2,115 shares in the last quarter. Silvant Capital Management LLC bought a new stake in QUALCOMM in the first quarter valued at approximately $242,000. Cambridge Investment Research Advisors Inc. increased its stake in QUALCOMM by 3.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 98,785 shares of the wireless technology company’s stock valued at $5,474,000 after purchasing an additional 3,556 shares in the last quarter. Finally, KCM Investment Advisors LLC increased its stake in QUALCOMM by 63.3% in the first quarter. KCM Investment Advisors LLC now owns 10,305 shares of the wireless technology company’s stock valued at $571,000 after purchasing an additional 3,993 shares in the last quarter. Institutional investors and hedge funds own 76.92% of the company’s stock.
Several equities research analysts have commented on the stock. KeyCorp upped their target price on shares of QUALCOMM from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Vetr downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $76.42 target price for the company. in a research note on Thursday, February 1st. Deutsche Bank assumed coverage on shares of QUALCOMM in a research note on Thursday, March 15th. They issued a “hold” rating and a $60.00 target price for the company. ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, BidaskClub raised shares of QUALCOMM from a “strong sell” rating to a “sell” rating in a research note on Monday, May 14th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $63.88.
In related news, President Cristiano R. Amon sold 16,082 shares of the firm’s stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $53.04, for a total value of $852,989.28. Following the completion of the transaction, the president now owns 37,233 shares of the company’s stock, valued at $1,974,838.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 1,180 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $66.94, for a total transaction of $78,989.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,383 shares of company stock valued at $4,762,616. 0.24% of the stock is owned by insiders.
Shares of QCOM stock opened at $57.51 on Monday. The company has a quick ratio of 3.46, a current ratio of 3.60 and a debt-to-equity ratio of 0.81. QUALCOMM, Inc. has a 12-month low of $48.56 and a 12-month high of $69.28. The firm has a market cap of $85.27 billion, a PE ratio of 18.92, a P/E/G ratio of 1.85 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, beating analysts’ consensus estimates of $0.70 by $0.10. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.21 billion. QUALCOMM had a negative net margin of 20.16% and a positive return on equity of 16.48%. The firm’s revenue for the quarter was down 13.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 earnings per share. research analysts anticipate that QUALCOMM, Inc. will post 2.71 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, May 30th will be given a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, May 29th. This represents a $2.48 dividend on an annualized basis and a yield of 4.31%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.57. QUALCOMM’s dividend payout ratio (DPR) is 60.32%.
QUALCOMM declared that its board has authorized a share repurchase plan on Wednesday, May 9th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the wireless technology company to reacquire up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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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