Canandaigua National Bank & Trust Co. decreased its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 8.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,783 shares of the wireless technology company’s stock after selling 3,307 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in QUALCOMM were worth $2,433,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. First Long Island Investors LLC lifted its position in QUALCOMM by 10.1% in the third quarter. First Long Island Investors LLC now owns 279,727 shares of the wireless technology company’s stock valued at $20,149,000 after buying an additional 25,730 shares during the last quarter. Bbva Compass Bancshares Inc. increased its stake in QUALCOMM by 2.5% during the third quarter. Bbva Compass Bancshares Inc. now owns 109,541 shares of the wireless technology company’s stock worth $7,890,000 after purchasing an additional 2,626 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in QUALCOMM by 4.6% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 86,982 shares of the wireless technology company’s stock worth $6,265,000 after purchasing an additional 3,854 shares during the period. Zions Bancorporation purchased a new stake in QUALCOMM during the third quarter worth about $330,000. Finally, Garrison Bradford & Associates Inc. increased its stake in QUALCOMM by 12.3% during the third quarter. Garrison Bradford & Associates Inc. now owns 9,100 shares of the wireless technology company’s stock worth $655,000 after purchasing an additional 1,000 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on QCOM. Deutsche Bank cut their price target on shares of QUALCOMM to $65.00 and set a “hold” rating on the stock in a research note on Thursday. Stifel Nicolaus cut their price target on shares of QUALCOMM from $62.00 to $58.00 and set a “hold” rating on the stock in a research note on Thursday. Canaccord Genuity cut their price target on shares of QUALCOMM from $86.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday. Bank of America cut their price target on shares of QUALCOMM from $70.00 to $67.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Cowen cut their price target on shares of QUALCOMM from $80.00 to $73.00 and set an “outperform” rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company’s stock. QUALCOMM has a consensus rating of “Hold” and an average price target of $70.86.
In related news, EVP Alexander H. Rogers sold 853 shares of the company’s stock in a transaction that occurred on Monday, October 29th. The shares were sold at an average price of $63.50, for a total transaction of $54,165.50. Following the sale, the executive vice president now directly owns 4,344 shares in the company, valued at $275,844. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Cristiano R. Amon sold 88,625 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the sale, the president now owns 58,045 shares in the company, valued at $3,994,076.45. The disclosure for this sale can be found here. Insiders have sold 91,638 shares of company stock worth $6,302,079 over the last 90 days. Insiders own 0.17% of the company’s stock.
QCOM stock opened at $56.72 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. QUALCOMM, Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $76.50. The company has a market cap of $93.48 billion, a P/E ratio of 17.78, a PEG 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 earnings per share for the quarter, topping the Zacks’ 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 analyst estimates of $5.54 billion. During the same period in the prior year, the firm earned $0.92 earnings per share. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. Analysts anticipate that QUALCOMM, Inc. will post 2.8 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be paid a dividend of $0.62 per share. The ex-dividend date is Wednesday, December 5th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.37%. QUALCOMM’s payout ratio is 77.74%.
QUALCOMM declared that its Board of Directors has approved a stock buyback 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 repurchase up to 34.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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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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