GABELLI & Co INVESTMENT ADVISERS INC. grew its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 67.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 36,475 shares of the wireless technology company’s stock after purchasing an additional 14,700 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in QUALCOMM were worth $2,021,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in QCOM. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of QUALCOMM by 9.5% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 120,155 shares of the wireless technology company’s stock worth $6,229,000 after purchasing an additional 10,391 shares during the period. Garland Capital Management Inc. lifted its holdings in QUALCOMM by 1.1% during the third quarter. Garland Capital Management Inc. now owns 84,200 shares of the wireless technology company’s stock worth $4,365,000 after acquiring an additional 875 shares in the last quarter. Iberiabank Corp lifted its holdings in QUALCOMM by 10.5% during the third quarter. Iberiabank Corp now owns 62,137 shares of the wireless technology company’s stock worth $3,224,000 after acquiring an additional 5,928 shares in the last quarter. Destination Wealth Management lifted its holdings in QUALCOMM by 9.3% during the third quarter. Destination Wealth Management now owns 193,070 shares of the wireless technology company’s stock worth $10,009,000 after acquiring an additional 16,402 shares in the last quarter. Finally, Cadence Capital Management LLC lifted its holdings in QUALCOMM by 35.7% during the third quarter. Cadence Capital Management LLC now owns 255,475 shares of the wireless technology company’s stock worth $13,244,000 after acquiring an additional 67,186 shares in the last quarter. 76.92% of the stock is owned by institutional investors.
In other news, EVP Alexander H. Rogers sold 1,180 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $66.94, for a total value of $78,989.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP James H. Thompson sold 50,126 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 136,482 shares in the company, valued at approximately $8,551,962.12. The disclosure for this sale can be found here. Insiders sold 80,383 shares of company stock worth $4,762,616 in the last ninety days. 0.24% of the stock is owned by company insiders.
Shares of NASDAQ QCOM opened at $57.39 on Wednesday. The company has a market cap of $85.56 billion, a price-to-earnings ratio of 15.18, a price-to-earnings-growth ratio of 1.85 and a beta of 1.47. 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, Inc. has a twelve month low of $48.56 and a twelve month high of $69.28.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly 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. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.21 billion. QUALCOMM had a positive return on equity of 16.48% and a negative net margin of 20.16%. The business’s revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.34 earnings per share. analysts anticipate that QUALCOMM, Inc. will post 2.71 earnings per share for the current fiscal year.
QUALCOMM declared that its board has approved a stock repurchase plan on Wednesday, May 9th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the wireless technology company to buy up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, May 30th will be given a $0.62 dividend. This is an increase from QUALCOMM’s previous quarterly dividend of $0.57. The ex-dividend date is Tuesday, May 29th. This represents a $2.48 annualized dividend and a dividend yield of 4.32%. QUALCOMM’s dividend payout ratio is presently 60.32%.
A number of analysts have recently commented on QCOM shares. Morgan Stanley started coverage on QUALCOMM in a report on Monday, March 19th. They issued an “underweight” rating and a $55.00 price target on the stock. KeyCorp lifted their target price on QUALCOMM from $68.00 to $73.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Royal Bank of Canada lifted their target price on QUALCOMM from $77.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. Zacks Investment Research downgraded QUALCOMM from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. Finally, Wells Fargo & Co started coverage on QUALCOMM in a research report on Friday, March 16th. They issued a “market perform” rating on the stock. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $63.67.
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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