Manchester Capital Management LLC lessened its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 7.2% during the third quarter, Holdings Channel reports. The institutional investor owned 25,763 shares of the wireless technology company’s stock after selling 2,000 shares during the period. Manchester Capital Management LLC’s holdings in QUALCOMM were worth $1,856,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Fisher Asset Management LLC grew its holdings in QUALCOMM by 4.6% during the second quarter. Fisher Asset Management LLC now owns 775,737 shares of the wireless technology company’s stock worth $43,534,000 after acquiring an additional 34,193 shares during the period. Fulton Bank N.A. grew its holdings in QUALCOMM by 4.5% in the second quarter. Fulton Bank N.A. now owns 26,662 shares of the wireless technology company’s stock valued at $1,496,000 after purchasing an additional 1,140 shares during the last quarter. Capital Investment Advisors LLC grew its holdings in QUALCOMM by 61.5% in the second quarter. Capital Investment Advisors LLC now owns 190,281 shares of the wireless technology company’s stock valued at $10,679,000 after purchasing an additional 72,468 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in QUALCOMM by 6.7% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 60,303 shares of the wireless technology company’s stock valued at $3,385,000 after purchasing an additional 3,800 shares during the last quarter. Finally, Hexavest Inc. grew its holdings in QUALCOMM by 3.3% in the second quarter. Hexavest Inc. now owns 1,579,564 shares of the wireless technology company’s stock valued at $88,645,000 after purchasing an additional 50,915 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.
QCOM has been the topic of several research reports. Royal Bank of Canada upped their target price on QUALCOMM to $77.00 and gave the company an “outperform” rating in a report on Friday, September 7th. BidaskClub lowered QUALCOMM from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. UBS Group increased their price objective on QUALCOMM from $62.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday. Canaccord Genuity decreased their price objective on QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a research note on Tuesday, September 25th. Finally, ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $72.57.
NASDAQ QCOM opened at $63.63 on Wednesday. QUALCOMM, Inc. has a twelve month low of $48.56 and a twelve month high of $76.50. The stock has a market cap of $93.04 billion, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 1.97 and a beta of 1.69. The company has a current ratio of 2.73, a quick ratio of 2.62 and a debt-to-equity ratio of 0.67.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 3.90%. QUALCOMM’s dividend payout ratio (DPR) is presently 65.61%.
QUALCOMM declared that its board has approved a share repurchase 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 repurchase up to 34.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, EVP Alexander H. Rogers sold 853 shares of the firm’s stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $63.50, for a total value of $54,165.50. Following the transaction, the executive vice president now directly owns 4,344 shares in the company, valued at approximately $275,844. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 854 shares of the firm’s stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $72.18, for a total value of $61,641.72. Following the completion of the transaction, the executive vice president now owns 5,197 shares in the company, valued at $375,119.46. The disclosure for this sale can be found here. Insiders have sold 91,638 shares of company stock worth $6,302,079 over the last quarter. 0.24% of the stock is currently owned by company insiders.
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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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