New York State Teachers Retirement System lowered its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 5.2% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,300,854 shares of the wireless technology company’s stock after selling 125,777 shares during the quarter. New York State Teachers Retirement System owned approximately 0.16% of QUALCOMM worth $129,124,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the stock. Deane Retirement Strategies Inc. lifted its stake in QUALCOMM by 2.3% in the 2nd quarter. Deane Retirement Strategies Inc. now owns 43,161 shares of the wireless technology company’s stock valued at $2,422,000 after buying an additional 983 shares in the last quarter. First Midwest Bank Trust Division lifted its stake in shares of QUALCOMM by 126.0% during the 2nd quarter. First Midwest Bank Trust Division now owns 12,055 shares of the wireless technology company’s stock worth $677,000 after purchasing an additional 6,721 shares during the period. Canal Capital Management LLC lifted its stake in shares of QUALCOMM by 7.4% during the 2nd quarter. Canal Capital Management LLC now owns 23,596 shares of the wireless technology company’s stock worth $1,324,000 after purchasing an additional 1,633 shares during the period. Amica Retiree Medical Trust lifted its stake in shares of QUALCOMM by 42.1% during the 2nd quarter. Amica Retiree Medical Trust now owns 9,800 shares of the wireless technology company’s stock worth $550,000 after purchasing an additional 2,902 shares during the period. Finally, Synovus Financial Corp lifted its stake in shares of QUALCOMM by 7.7% during the 2nd quarter. Synovus Financial Corp now owns 28,012 shares of the wireless technology company’s stock worth $1,574,000 after purchasing an additional 2,001 shares during the period. 77.50% of the stock is currently owned by hedge funds and other institutional investors.
QCOM stock opened at $65.73 on Tuesday. The firm has a market cap of $96.08 billion, a PE ratio of 17.39, a PEG ratio of 1.93 and a beta of 1.57. 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, Inc. has a 52 week low of $48.56 and a 52 week high of $69.28.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.30. The business had revenue of $5.60 billion during 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 business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 EPS. analysts forecast that QUALCOMM, Inc. will post 3.12 earnings per share for the current fiscal year.
QUALCOMM declared that its Board of Directors has approved a stock repurchase 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 reacquire up to 12.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Investors of record on Wednesday, September 5th will be issued a $0.62 dividend. The ex-dividend date is Tuesday, September 4th. This represents a $2.48 annualized dividend and a yield of 3.77%. QUALCOMM’s dividend payout ratio is currently 65.61%.
In other QUALCOMM news, EVP Alexander H. Rogers sold 1,052 shares of the company’s stock in a transaction dated Tuesday, May 29th. The shares were sold at an average price of $59.55, for a total value of $62,646.60. Following the completion of the transaction, the executive vice president now directly owns 8,787 shares of the company’s stock, valued at approximately $523,265.85. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alexander H. Rogers sold 789 shares of the company’s stock in a transaction dated Wednesday, June 27th. The shares were sold at an average price of $56.55, for a total transaction of $44,617.95. Following the completion of the transaction, the executive vice president now directly owns 7,998 shares of the company’s stock, valued at $452,286.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,669 shares of company stock valued at $159,760. 0.24% of the stock is owned by insiders.
QCOM has been the topic of a number of recent analyst reports. Royal Bank of Canada reissued a “buy” rating and set a $75.00 price target on shares of QUALCOMM in a research note on Tuesday, April 24th. Stifel Nicolaus reduced their price target on QUALCOMM from $56.00 to $54.00 and set a “hold” rating on the stock in a research note on Thursday, April 26th. Canaccord Genuity reissued a “buy” rating and set a $79.00 price target (down previously from $86.00) on shares of QUALCOMM in a research note on Friday, April 20th. ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. Finally, BMO Capital Markets reduced their price target on QUALCOMM from $70.00 to $55.00 and set a “market perform” rating on the stock in a research note on Thursday, April 26th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $66.80.
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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