Sumitomo Mitsui Asset Management Company LTD decreased its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 2.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 101,222 shares of the wireless technology company’s stock after selling 2,225 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in QUALCOMM were worth $7,291,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC lifted its holdings in shares of QUALCOMM by 9,686.8% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock worth $105,000 after purchasing an additional 73,523 shares during the last quarter. Squar Milner Financial Services LLC bought a new stake in shares of QUALCOMM in the 2nd quarter worth approximately $106,000. Kiley Juergens Wealth Management LLC lifted its holdings in shares of QUALCOMM by 1,760.0% in the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock worth $133,000 after purchasing an additional 1,760 shares during the last quarter. Private Capital Group LLC lifted its holdings in shares of QUALCOMM by 83.2% in the 1st quarter. Private Capital Group LLC now owns 2,828 shares of the wireless technology company’s stock worth $157,000 after purchasing an additional 1,284 shares during the last quarter. Finally, Guidant Wealth Advisors lifted its holdings in shares of QUALCOMM by 794.7% in the 2nd quarter. Guidant Wealth Advisors now owns 10,307 shares of the wireless technology company’s stock worth $162,000 after purchasing an additional 9,155 shares during the last quarter. Institutional investors own 77.39% of the company’s stock.
In other news, EVP Alexander H. Rogers sold 854 shares of the business’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total value of $61,641.72. Following the sale, the executive vice president now owns 5,197 shares of the company’s stock, valued at approximately $375,119.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cristiano R. Amon sold 88,625 shares of the business’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total value of $6,098,286.25. Following the completion of the sale, the president now directly owns 58,045 shares in the company, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. Insiders sold a total of 91,613 shares of company stock worth $6,300,408 in the last three months. Company insiders own 0.24% of the company’s stock.
Shares of QUALCOMM stock opened at $66.10 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. The firm has a market cap of $105.82 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 2.12 and a beta of 1.66. QUALCOMM, Inc. has a 1-year low of $48.56 and a 1-year high of $76.50.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.30. The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.19 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 EPS. On average, research analysts forecast that QUALCOMM, Inc. will post 3.12 EPS for the current fiscal year.
QUALCOMM announced that its board has approved a share buyback program on Thursday, July 26th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
Several brokerages recently issued reports on QCOM. Cowen raised their price target on QUALCOMM from $58.00 to $64.00 and gave the stock a “market perform” rating in a report on Thursday, July 26th. Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and raised their price target for the stock from $56.00 to $70.00 in a report on Monday, August 20th. BidaskClub raised QUALCOMM from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Summit Insights raised QUALCOMM from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Finally, KeyCorp raised their price target on QUALCOMM from $65.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $71.12.
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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