Boys Arnold & Co. Inc. lowered its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 5.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 21,560 shares of the wireless technology company’s stock after selling 1,355 shares during the quarter. Boys Arnold & Co. Inc.’s holdings in QUALCOMM were worth $1,565,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Telemus Capital LLC lifted its stake in shares of QUALCOMM by 8.7% in the 2nd quarter. Telemus Capital LLC now owns 9,860 shares of the wireless technology company’s stock valued at $553,000 after purchasing an additional 787 shares during the period. Ascension Asset Management LLC lifted its stake in shares of QUALCOMM by 3.2% in the 2nd quarter. Ascension Asset Management LLC now owns 25,542 shares of the wireless technology company’s stock valued at $1,433,000 after purchasing an additional 800 shares during the period. Accurate Investment Solutions Inc. lifted its stake in shares of QUALCOMM by 1.3% in the 3rd quarter. Accurate Investment Solutions Inc. now owns 62,870 shares of the wireless technology company’s stock valued at $4,529,000 after purchasing an additional 804 shares during the period. KCM Investment Advisors LLC increased its position in QUALCOMM by 7.8% during the 2nd quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock valued at $624,000 after buying an additional 808 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT increased its position in QUALCOMM by 2.9% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock valued at $1,670,000 after buying an additional 825 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.
QUALCOMM stock opened at $63.47 on Tuesday. The firm has a market capitalization of $93.04 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 1.97 and a beta of 1.69. QUALCOMM, Inc. has a 12 month low of $48.56 and a 12 month high of $76.50. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62.
QUALCOMM announced that its Board of Directors has approved a stock buyback program on Thursday, July 26th that permits the company to repurchase $30.00 billion in 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 typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Wednesday, December 5th. QUALCOMM’s payout ratio is 65.61%.
In related news, President Cristiano R. Amon sold 88,625 shares of QUALCOMM 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 owns 58,045 shares of the company’s stock, valued at $3,994,076.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alexander H. Rogers sold 853 shares of QUALCOMM stock in a transaction on Monday, October 29th. The stock was sold at an average price of $63.50, for a total value of $54,165.50. Following the completion of the sale, the executive vice president now directly owns 4,344 shares of the company’s stock, valued at approximately $275,844. The disclosure for this sale can be found here. In the last three months, insiders sold 91,638 shares of company stock valued at $6,302,079. Corporate insiders own 0.24% of the company’s stock.
A number of research analysts recently weighed in on the company. Canaccord Genuity reduced their price objective on QUALCOMM from $88.00 to $86.00 and set a “buy” rating for the company in a research report on Tuesday, September 25th. ValuEngine lowered QUALCOMM from a “buy” rating to a “hold” rating in a research report on Tuesday. Cowen raised their price objective on QUALCOMM from $58.00 to $64.00 and gave the company a “market perform” rating in a research report on Thursday, July 26th. BidaskClub raised QUALCOMM from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. Finally, Deutsche Bank raised their price objective on QUALCOMM to $60.00 and gave the company a “hold” rating in a research report on Monday, July 23rd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $72.57.
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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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