Convergence Investment Partners LLC decreased its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 45.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 33,256 shares of the wireless technology company’s stock after selling 27,964 shares during the quarter. Convergence Investment Partners LLC’s holdings in QUALCOMM were worth $1,893,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Townsquare Capital LLC purchased a new position in QUALCOMM during the 4th quarter valued at $1,868,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in QUALCOMM by 10.3% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 415,474 shares of the wireless technology company’s stock valued at $23,645,000 after acquiring an additional 38,944 shares during the period. Commonwealth Bank of Australia boosted its holdings in QUALCOMM by 6.7% during the 4th quarter. Commonwealth Bank of Australia now owns 211,107 shares of the wireless technology company’s stock valued at $12,008,000 after acquiring an additional 13,204 shares during the period. Korea Investment CORP raised its position in QUALCOMM by 108.1% during the 4th quarter. Korea Investment CORP now owns 1,159,128 shares of the wireless technology company’s stock valued at $65,966,000 after purchasing an additional 602,100 shares in the last quarter. Finally, Next Capital Management LLC bought a new stake in QUALCOMM during the 4th quarter valued at $232,000. Hedge funds and other institutional investors own 82.67% of the company’s stock.
QCOM has been the subject of a number of research analyst reports. Mizuho decreased their target price on QUALCOMM from $66.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, January 31st. Barclays reaffirmed a “buy” rating and set a $70.00 target price on shares of QUALCOMM in a research report on Friday, January 18th. BidaskClub raised QUALCOMM from a “hold” rating to a “buy” rating in a research report on Thursday, December 20th. Raymond James set a $65.00 target price on QUALCOMM and gave the company a “buy” rating in a research report on Saturday, February 2nd. Finally, Zacks Investment Research raised QUALCOMM from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Wednesday, February 13th. Twelve equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $66.00.
QCOM opened at $56.60 on Friday. The firm has a market capitalization of $68.50 billion, a PE ratio of 17.74, a P/E/G ratio of 1.73 and a beta of 1.21. The company has a debt-to-equity ratio of 4.25, a current ratio of 1.54 and a quick ratio of 1.38. QUALCOMM, Inc. has a 12 month low of $48.56 and a 12 month high of $76.50.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, January 30th. The wireless technology company reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.11. The firm had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.89 billion. QUALCOMM had a return on equity of 36.66% and a net margin of 10.03%. The business’s revenue for the quarter was down 21.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 EPS. Research analysts expect that QUALCOMM, Inc. will post 3.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, March 7th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 4.38%. The ex-dividend date is Wednesday, March 6th. QUALCOMM’s payout ratio is 77.74%.
In other news, EVP James H. Thompson sold 40,000 shares of the business’s stock in a transaction on Monday, February 11th. The stock was sold at an average price of $50.75, for a total value of $2,030,000.00. Following the completion of the transaction, the executive vice president now directly owns 62,301 shares of the company’s stock, valued at approximately $3,161,775.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.11% of the company’s stock.
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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