Gratus Capital LLC lowered its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 12.0% in the first quarter, Holdings Channel reports. The institutional investor owned 96,556 shares of the wireless technology company’s stock after selling 13,113 shares during the quarter. Gratus Capital LLC’s holdings in QUALCOMM were worth $5,350,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Truewealth LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $102,000. We Are One Seven LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $119,000. Gradient Investments LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $120,000. Cerebellum GP LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $126,000. Finally, Avestar Capital LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $141,000. Institutional investors and hedge funds own 76.92% of the company’s stock.
In related news, EVP Alexander H. Rogers sold 663 shares of QUALCOMM stock in a transaction on Tuesday, March 27th. The shares were sold at an average price of $56.59, for a total transaction of $37,519.17. Following the sale, the executive vice president now directly owns 8,794 shares in the company, valued at approximately $497,652.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James H. Thompson sold 50,126 shares of QUALCOMM stock in a transaction on Friday, March 9th. The stock was sold at an average price of $62.66, for a total transaction of $3,140,895.16. Following the sale, the executive vice president now owns 136,482 shares in the company, valued at $8,551,962.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,383 shares of company stock valued at $4,762,616. Corporate insiders own 0.17% of the company’s stock.
QUALCOMM opened at $58.82 on Thursday, MarketBeat Ratings reports. The firm has a market cap of $85.10 billion, a PE ratio of 15.56, a PEG ratio of 1.84 and a beta of 1.47. QUALCOMM, Inc. has a 12-month low of $48.56 and a 12-month high of $69.28. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.60 and a quick ratio of 3.46.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.10. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.21 billion. QUALCOMM had a negative net margin of 20.16% and a positive return on equity of 16.48%. The company’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.34 EPS. sell-side analysts forecast that QUALCOMM, Inc. will post 2.71 earnings per share for the current year.
QUALCOMM announced that its Board of Directors has approved a stock buyback program on Wednesday, May 9th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to purchase up to 12.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, May 30th will be given a dividend of $0.62 per share. This is a boost from QUALCOMM’s previous quarterly dividend of $0.57. This represents a $2.48 annualized dividend and a dividend yield of 4.22%. The ex-dividend date is Tuesday, May 29th. QUALCOMM’s payout ratio is 60.32%.
QCOM has been the subject of several recent research reports. Morgan Stanley initiated coverage on shares of QUALCOMM in a research report on Monday, March 19th. They issued an “underweight” rating and a $55.00 price target for the company. KeyCorp raised their price target on shares of 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 raised their price target on shares of 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 cut shares of QUALCOMM from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. Finally, Wells Fargo & Co initiated coverage on shares of QUALCOMM in a research report on Friday, March 16th. They issued a “market perform” rating for the company. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $63.67.
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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