Busey Trust CO increased its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 3.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 85,743 shares of the wireless technology company’s stock after purchasing an additional 2,457 shares during the period. Busey Trust CO’s holdings in QUALCOMM were worth $6,176,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in QCOM. Douglass Winthrop Advisors LLC purchased a new position in QUALCOMM in the 3rd quarter valued at about $388,000. MAI Capital Management boosted its position in QUALCOMM by 1.3% in the 3rd quarter. MAI Capital Management now owns 239,558 shares of the wireless technology company’s stock valued at $17,255,000 after buying an additional 2,998 shares during the last quarter. Biegel & Waller LLC purchased a new position in QUALCOMM in the 3rd quarter valued at about $229,000. DAVENPORT & Co LLC boosted its position in QUALCOMM by 6.1% in the 3rd quarter. DAVENPORT & Co LLC now owns 82,267 shares of the wireless technology company’s stock valued at $5,926,000 after buying an additional 4,726 shares during the last quarter. Finally, Montecito Bank & Trust purchased a new position in QUALCOMM in the 3rd quarter valued at about $224,000. 77.39% of the stock is owned by hedge funds and other institutional investors.
QCOM has been the subject of a number of analyst reports. Barclays initiated coverage on shares of QUALCOMM in a research report on Thursday, September 13th. They issued an “overweight” rating and a $95.00 price objective for the company. ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Royal Bank of Canada upped their price objective on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a research report on Friday, September 7th. Nomura upped their price objective on shares of QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, September 4th. Finally, Deutsche Bank upped their price objective on shares of QUALCOMM to $70.00 and gave the company a “hold” rating in a research report on Wednesday, September 19th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company. QUALCOMM currently has a consensus rating of “Buy” and a consensus target price of $71.12.
Shares of QUALCOMM stock opened at $64.29 on Friday. The stock has a market capitalization of $105.82 billion, a PE ratio of 17.01, a P/E/G ratio of 2.12 and a beta of 1.66. The company has a current ratio of 2.73, a quick ratio of 2.62 and a debt-to-equity ratio of 0.67. QUALCOMM, Inc. has a 1 year low of $48.56 and a 1 year high of $76.50.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.30. The business had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.19 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 EPS. Sell-side analysts forecast that QUALCOMM, Inc. will post 3.12 earnings per share for the current year.
QUALCOMM announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, EVP Alexander H. Rogers sold 828 shares of the company’s stock in a transaction dated Friday, July 27th. The shares were sold at an average price of $63.40, for a total value of $52,495.20. Following the sale, the executive vice president now owns 7,170 shares in the company, valued at approximately $454,578. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Cristiano R. Amon sold 88,625 shares of the company’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the sale, the president now owns 58,045 shares in the company, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,613 shares of company stock worth $6,300,408. Company insiders own 0.24% of the company’s stock.
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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