Public Employees Retirement Association of Colorado lowered its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 1.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 221,892 shares of the wireless technology company’s stock after selling 3,898 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in QUALCOMM were worth $16,879,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Clearbridge Investments LLC raised its position in shares of QUALCOMM by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 9,379,210 shares of the wireless technology company’s stock valued at $534,896,000 after acquiring an additional 99,528 shares during the period. FIL Ltd raised its position in shares of QUALCOMM by 179.2% in the 1st quarter. FIL Ltd now owns 4,770,291 shares of the wireless technology company’s stock valued at $272,050,000 after acquiring an additional 3,061,598 shares during the period. OppenheimerFunds Inc. raised its position in shares of QUALCOMM by 48.5% in the 1st quarter. OppenheimerFunds Inc. now owns 3,221,596 shares of the wireless technology company’s stock valued at $183,728,000 after acquiring an additional 1,052,071 shares during the period. CIBC Private Wealth Group LLC raised its position in shares of QUALCOMM by 6.5% in the 1st quarter. CIBC Private Wealth Group LLC now owns 2,665,440 shares of the wireless technology company’s stock valued at $152,010,000 after acquiring an additional 163,216 shares during the period. Finally, First Trust Advisors LP raised its position in shares of QUALCOMM by 18.5% in the 1st quarter. First Trust Advisors LP now owns 2,659,746 shares of the wireless technology company’s stock valued at $151,685,000 after acquiring an additional 416,097 shares during the period. 77.19% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Erin L. Polek sold 1,478 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $70.36, for a total value of $103,992.08. Following the completion of the transaction, the senior vice president now directly owns 1,386 shares of the company’s stock, valued at $97,518.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.11% of the stock is currently owned by company insiders.
A number of analysts recently issued reports on the company. Macquarie set a $90.00 target price on QUALCOMM and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Deutsche Bank lowered their target price on QUALCOMM from $80.00 to $75.00 and set an “in-line” rating for the company in a research note on Thursday, August 1st. Barclays cut QUALCOMM from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $90.00 to $75.00 in a research note on Thursday, July 18th. Raymond James raised QUALCOMM from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $85.00 to $115.00 in a research note on Thursday, May 2nd. Finally, Edward Jones cut QUALCOMM from a “hold” rating to a “sell” rating and set a $69.31 target price for the company. in a research note on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $79.93.
Shares of NASDAQ:QCOM traded up $0.93 during midday trading on Wednesday, hitting $70.73. The stock had a trading volume of 2,198,244 shares, compared to its average volume of 16,782,865. QUALCOMM, Inc. has a 12 month low of $49.10 and a 12 month high of $90.34. The company has a current ratio of 1.77, a quick ratio of 1.61 and a debt-to-equity ratio of 2.46. The business has a 50-day moving average of $74.33. The firm has a market capitalization of $84.34 billion, a P/E ratio of 22.17, a P/E/G ratio of 1.94 and a beta of 1.62.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.12 billion. During the same period last year, the business earned $1.01 earnings per share. The firm’s revenue was down 12.7% on a year-over-year basis. On average, research analysts predict that QUALCOMM, Inc. will post 2.88 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $2.48 annualized dividend and a dividend yield of 3.51%. QUALCOMM’s dividend payout ratio is presently 77.74%.
QUALCOMM Company 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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