Berkshire Asset Management LLC PA grew its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 5.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 246,903 shares of the wireless technology company’s stock after acquiring an additional 12,443 shares during the quarter. Berkshire Asset Management LLC PA’s holdings in QUALCOMM were worth $17,784,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in QUALCOMM by 13.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock worth $1,170,308,000 after purchasing an additional 2,463,511 shares in the last quarter. Millennium Management LLC increased its stake in QUALCOMM by 121.1% during the 2nd quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock worth $182,666,000 after purchasing an additional 1,782,585 shares in the last quarter. Putnam Investments LLC increased its stake in QUALCOMM by 128.4% during the 2nd quarter. Putnam Investments LLC now owns 2,506,811 shares of the wireless technology company’s stock worth $140,682,000 after purchasing an additional 1,409,034 shares in the last quarter. Waddell & Reed Financial Inc. increased its stake in QUALCOMM by 18.8% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock worth $282,280,000 after purchasing an additional 794,924 shares in the last quarter. Finally, Robecosam AG bought a new stake in QUALCOMM during the 1st quarter worth approximately $41,003,000. 77.39% of the stock is owned by institutional investors.
A number of analysts recently issued reports on the company. Canaccord Genuity lowered their target price on QUALCOMM from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Tuesday, September 25th. Cowen increased their target price on QUALCOMM from $58.00 to $64.00 and gave the stock a “market perform” rating in a research note on Thursday, July 26th. BidaskClub raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Deutsche Bank raised their price target on shares of QUALCOMM to $60.00 and gave the stock a “hold” rating in a research note on Monday, July 23rd. Finally, Stifel Nicolaus raised their price target on shares of QUALCOMM from $54.00 to $58.00 and gave the stock a “hold” rating in a research note on Thursday, July 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $71.12.
Shares of QCOM opened at $64.29 on Friday. The company has a market cap of $105.82 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 2.12 and a beta of 1.66. QUALCOMM, Inc. has a twelve month low of $48.56 and a twelve 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 (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.71 by $0.30. The company 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 firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.83 EPS. As a group, sell-side analysts expect that QUALCOMM, Inc. will post 3.12 EPS for the current fiscal year.
QUALCOMM announced that its board has approved a stock repurchase plan on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, EVP Alexander H. Rogers sold 828 shares of the stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $63.40, for a total value of $52,495.20. Following the completion of the sale, the executive vice president now owns 7,170 shares of the company’s stock, valued at approximately $454,578. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Cristiano R. Amon sold 88,625 shares of the stock in a transaction that occurred on Wednesday, October 10th. The shares were 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 directly owns 58,045 shares of the company’s stock, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. In the last three months, insiders sold 91,613 shares of company stock valued at $6,300,408. 0.24% of the stock is currently owned by insiders.
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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