Clearbridge Investments LLC boosted its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 1.1% in the 1st quarter, HoldingsChannel reports. The firm owned 9,379,210 shares of the wireless technology company’s stock after buying an additional 99,528 shares during the quarter. Clearbridge Investments LLC’s holdings in QUALCOMM were worth $534,896,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund increased its holdings in QUALCOMM by 9,505.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 33,612,696 shares of the wireless technology company’s stock valued at $591,000 after purchasing an additional 33,262,770 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in QUALCOMM by 24.1% in the 4th quarter. Bank of New York Mellon Corp now owns 25,852,938 shares of the wireless technology company’s stock valued at $1,471,289,000 after purchasing an additional 5,022,323 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in QUALCOMM by 0.5% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 20,156,306 shares of the wireless technology company’s stock valued at $1,147,095,000 after purchasing an additional 96,527 shares in the last quarter. Norges Bank acquired a new stake in QUALCOMM in the 4th quarter valued at $736,806,000. Finally, Eaton Vance Management increased its holdings in QUALCOMM by 10.3% in the 4th quarter. Eaton Vance Management now owns 7,306,885 shares of the wireless technology company’s stock valued at $415,835,000 after purchasing an additional 680,397 shares in the last quarter. Hedge funds and other institutional investors own 76.38% of the company’s stock.
QCOM has been the subject of several recent research reports. Morgan Stanley upgraded QUALCOMM from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $55.00 to $95.00 in a report on Tuesday, April 23rd. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $88.00 price target on shares of QUALCOMM in a report on Tuesday, April 23rd. Cowen increased their price target on QUALCOMM from $91.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Deutsche Bank restated a “hold” rating on shares of QUALCOMM in a research note on Monday, April 29th. Finally, Raymond James upgraded QUALCOMM from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $85.00 to $115.00 in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $79.68.
In related news, EVP Michelle M. Sterling sold 5,560 shares of QUALCOMM stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $86.44, for a total value of $480,606.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Clark T. Jr. Randt sold 2,000 shares of QUALCOMM stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $89.58, for a total value of $179,160.00. The disclosure for this sale can be found here. Insiders sold 949,832 shares of company stock valued at $37,443,538 over the last quarter. Insiders own 0.11% of the company’s stock.
NASDAQ:QCOM opened at $68.72 on Monday. The stock has a market capitalization of $83.54 billion, a P/E ratio of 21.54, a PEG ratio of 1.52 and a beta of 1.59. QUALCOMM, Inc. has a one year low of $49.10 and a one year high of $90.34. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.55 and a quick ratio of 1.39.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.07. The business had revenue of $4.88 billion during the quarter, compared to the consensus estimate of $4.83 billion. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period last year, the firm earned $0.80 earnings per share. On average, analysts predict that QUALCOMM, Inc. will post 3.31 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 6th will be paid a $0.62 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $2.48 dividend on an annualized basis and a yield of 3.61%. QUALCOMM’s dividend payout ratio (DPR) is 77.74%.
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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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