Cadence Capital Management LLC trimmed its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 13.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 154,866 shares of the wireless technology company’s stock after selling 24,026 shares during the quarter. Cadence Capital Management LLC’s holdings in QUALCOMM were worth $11,155,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in QCOM. Telemus Capital LLC boosted its position in shares of QUALCOMM by 8.7% in the second quarter. Telemus Capital LLC now owns 9,860 shares of the wireless technology company’s stock worth $553,000 after purchasing an additional 787 shares during the period. Ascension Asset Management LLC boosted its position in shares of QUALCOMM by 3.2% in the second quarter. Ascension Asset Management LLC now owns 25,542 shares of the wireless technology company’s stock worth $1,433,000 after purchasing an additional 800 shares during the period. Accurate Investment Solutions Inc. boosted its position in shares of QUALCOMM by 1.3% in the third quarter. Accurate Investment Solutions Inc. now owns 62,870 shares of the wireless technology company’s stock worth $4,529,000 after purchasing an additional 804 shares during the period. KCM Investment Advisors LLC boosted its position in shares of QUALCOMM by 7.8% in the second quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock worth $624,000 after purchasing an additional 808 shares during the period. Finally, Bradley Foster & Sargent Inc. CT boosted its position in shares of QUALCOMM by 2.9% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock worth $1,670,000 after purchasing an additional 825 shares during the period. Institutional investors own 76.93% of the company’s stock.
A number of equities analysts have weighed in on the stock. Deutsche Bank dropped their price target on shares of QUALCOMM to $65.00 and set a “hold” rating for the company in a research report on Thursday. Stifel Nicolaus dropped their price target on shares of QUALCOMM from $62.00 to $58.00 and set a “hold” rating for the company in a research report on Thursday. Canaccord Genuity dropped their price target on shares of QUALCOMM from $86.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday. Bank of America dropped their price target on shares of QUALCOMM from $70.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Cowen dropped their price target on shares of QUALCOMM from $80.00 to $73.00 and set an “outperform” rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $70.86.
QCOM stock opened at $56.72 on Friday. QUALCOMM, Inc. has a one year low of $48.56 and a one year high of $76.50. 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 has a market capitalization of $93.48 billion, a PE ratio of 17.78, a P/E/G ratio of 1.98 and a beta of 1.69.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.70 by $0.20. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The firm had revenue of $5.83 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the firm earned $0.92 earnings per share. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. On average, equities research analysts predict that QUALCOMM, Inc. will post 2.8 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.
QUALCOMM announced that its board has initiated a share buyback plan on Thursday, July 26th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, President Cristiano R. Amon sold 88,625 shares of the business’s stock in a transaction 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 transaction, the president now owns 58,045 shares of the company’s stock, valued at $3,994,076.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Alexander H. Rogers sold 854 shares of the company’s stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $72.18, for a total transaction of $61,641.72. Following the sale, the executive vice president now directly owns 5,197 shares in the company, valued at approximately $375,119.46. The disclosure for this sale can be found here. Insiders sold 91,638 shares of company stock worth $6,302,079 in the last three months. Insiders own 0.17% of the company’s stock.
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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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