QUALCOMM, Inc. (QCOM) Stake Lowered by Pekin Singer Strauss Asset Management IL

Pekin Singer Strauss Asset Management IL lowered its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 54.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 98,728 shares of the wireless technology company’s stock after selling 117,266 shares during the period. QUALCOMM accounts for 1.3% of Pekin Singer Strauss Asset Management IL’s investment portfolio, making the stock its 21st biggest position. Pekin Singer Strauss Asset Management IL’s holdings in QUALCOMM were worth $7,111,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp grew its position in QUALCOMM by 13.4% during the second quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock valued at $1,170,308,000 after acquiring an additional 2,463,511 shares during the period. Millennium Management LLC grew its position in QUALCOMM by 121.1% during the second quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock valued at $182,666,000 after acquiring an additional 1,782,585 shares during the period. Putnam Investments LLC grew its position in QUALCOMM by 128.4% during the second quarter. Putnam Investments LLC now owns 2,506,811 shares of the wireless technology company’s stock valued at $140,682,000 after acquiring an additional 1,409,034 shares during the period. Waddell & Reed Financial Inc. grew its position in QUALCOMM by 18.8% during the second quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock valued at $282,280,000 after acquiring an additional 794,924 shares during the period. Finally, Wedge Capital Management L L P NC purchased a new stake in QUALCOMM during the third quarter valued at about $54,737,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Shares of QCOM opened at $56.72 on Friday. The stock has a market cap of $92.86 billion, a price-to-earnings ratio of 19.82, a P/E/G ratio of 1.96 and a beta of 1.69. QUALCOMM, Inc. has a 12 month low of $48.56 and a 12 month high of $76.50. 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 (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 7th. The wireless technology company reported $0.90 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.20. The company had revenue of $5.83 billion for the quarter, compared to analysts’ expectations of $5.54 billion. QUALCOMM had a positive return on equity of 19.92% and a negative net margin of 21.40%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 earnings per share. As a group, equities research analysts predict that QUALCOMM, Inc. will post 2.8 earnings per share for the current fiscal year.

QUALCOMM declared that its board has approved a stock buyback program on Thursday, July 26th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date is Wednesday, December 5th. QUALCOMM’s dividend payout ratio is presently 77.74%.

In related news, EVP Alexander H. Rogers sold 854 shares of the business’s stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $72.18, for a total value of $61,641.72. Following the transaction, the executive vice president now owns 5,197 shares in the company, valued at $375,119.46. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Alexander H. Rogers sold 853 shares of the business’s stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $63.50, for a total value of $54,165.50. Following the completion of the transaction, the executive vice president now owns 4,344 shares in the company, valued at approximately $275,844. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,638 shares of company stock worth $6,302,079. 0.17% of the stock is currently owned by insiders.

A number of equities research analysts have issued reports on QCOM shares. Canaccord Genuity boosted their price target on QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 23rd. Cowen raised QUALCOMM from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $64.00 to $80.00 in a research report on Monday, August 6th. Nomura boosted their price target on QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, September 4th. Royal Bank of Canada boosted their price target on QUALCOMM to $77.00 and gave the company an “outperform” rating in a research report on Friday, September 7th. Finally, Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and boosted their price target for the company from $56.00 to $70.00 in a research report on Monday, August 20th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $70.86.

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QUALCOMM 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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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