Pinnacle Financial Partners Inc. increased its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 4.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,056 shares of the wireless technology company’s stock after acquiring an additional 2,328 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in QUALCOMM were worth $3,026,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of QCOM. Lavaca Capital LLC bought a new stake in QUALCOMM during the fourth quarter worth about $25,000. Field & Main Bank bought a new position in QUALCOMM during the 1st quarter valued at approximately $32,000. Baldwin Brothers Inc. MA bought a new position in QUALCOMM during the 1st quarter valued at approximately $34,000. Transamerica Financial Advisors Inc. raised its position in QUALCOMM by 688.5% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 615 shares of the wireless technology company’s stock valued at $35,000 after purchasing an additional 537 shares during the last quarter. Finally, Brandywine Global Investment Management LLC bought a new position in QUALCOMM during the 4th quarter valued at approximately $36,000. Institutional investors and hedge funds own 82.04% of the company’s stock.
Shares of QUALCOMM stock opened at $86.13 on Thursday. QUALCOMM, Inc. has a one year low of $49.10 and a one year high of $90.34. The firm has a market capitalization of $101.98 billion, a P/E ratio of 27.00, a P/E/G ratio of 1.85 and a beta of 1.45. The company has a current ratio of 1.55, a quick ratio of 1.39 and a debt-to-equity ratio of 3.98.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.07. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The company had revenue of $4.88 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same period last year, the firm earned $0.80 EPS. QUALCOMM’s revenue for the quarter was down 5.9% compared to the same quarter last year. As a group, analysts forecast that QUALCOMM, Inc. will post 3.32 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 6th will be issued a $0.62 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $2.48 dividend on an annualized basis and a yield of 2.88%. QUALCOMM’s dividend payout ratio is currently 77.74%.
In other news, EVP Alexander H. Rogers sold 20,862 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $88.43, for a total transaction of $1,844,826.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donald J. Rosenberg sold 7,141 shares of QUALCOMM stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $84.56, for a total value of $603,842.96. The disclosure for this sale can be found here. Insiders sold a total of 944,272 shares of company stock valued at $36,962,932 in the last quarter. 0.11% of the stock is currently owned by company insiders.
A number of research firms have commented on QCOM. Zacks Investment Research raised QUALCOMM from a “sell” rating to a “hold” rating in a research report on Monday, May 6th. Canaccord Genuity increased their target price on QUALCOMM from $89.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Citigroup increased their target price on QUALCOMM from $55.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Stifel Nicolaus reiterated a “buy” rating and set a $100.00 target price (up from $96.00) on shares of QUALCOMM in a research note on Thursday, May 2nd. Finally, Raymond James upgraded QUALCOMM from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $85.00 to $115.00 in a research note on Thursday, May 2nd. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $83.09.
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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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