Mackay Shields LLC lessened its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 40.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 177,697 shares of the wireless technology company’s stock after selling 121,179 shares during the period. Mackay Shields LLC’s holdings in QUALCOMM were worth $25,398,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of QCOM. Geode Capital Management LLC boosted its stake in shares of QUALCOMM by 1.4% in the second quarter. Geode Capital Management LLC now owns 18,017,712 shares of the wireless technology company’s stock valued at $2,567,796,000 after purchasing an additional 251,277 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of QUALCOMM by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 15,180,842 shares of the wireless technology company’s stock worth $2,169,797,000 after acquiring an additional 410,004 shares during the period. Morgan Stanley increased its stake in QUALCOMM by 36.8% during the 1st quarter. Morgan Stanley now owns 10,330,243 shares of the wireless technology company’s stock valued at $1,369,687,000 after buying an additional 2,781,284 shares during the period. Clearbridge Investments LLC boosted its position in shares of QUALCOMM by 1.9% during the 2nd quarter. Clearbridge Investments LLC now owns 9,519,470 shares of the wireless technology company’s stock valued at $1,360,618,000 after purchasing an additional 181,343 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of QUALCOMM by 4.8% during the 2nd quarter. Legal & General Group Plc now owns 7,936,587 shares of the wireless technology company’s stock valued at $1,134,377,000 after purchasing an additional 362,249 shares in the last quarter. 71.77% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on QCOM. KeyCorp cut their price objective on shares of QUALCOMM from $190.00 to $175.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 5th. Jefferies Financial Group initiated coverage on shares of QUALCOMM in a research note on Friday, October 1st. They set a “hold” rating and a $137.00 price target on the stock. Mizuho boosted their target price on shares of QUALCOMM from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, July 29th. Susquehanna Bancshares reissued a “hold” rating and set a $157.00 price objective on shares of QUALCOMM in a report on Thursday, July 29th. Finally, Zacks Investment Research cut QUALCOMM from a “buy” rating to a “hold” rating and set a $135.00 price target for the company. in a research note on Monday, October 4th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $167.35.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 28th. The wireless technology company reported $1.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.68 by $0.24. QUALCOMM had a return on equity of 102.31% and a net margin of 28.25%. The company had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.58 billion. On average, analysts predict that QUALCOMM Incorporated will post 7.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 16th. Shareholders of record on Thursday, December 2nd will be issued a $0.68 dividend. The ex-dividend date is Wednesday, December 1st. This represents a $2.72 dividend on an annualized basis and a yield of 2.12%. QUALCOMM’s payout ratio is currently 81.44%.
QUALCOMM announced that its board has approved a stock buyback plan on Tuesday, October 12th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the wireless technology company to buy up to 7.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.
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