Hall Laurie J Trustee decreased its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 26.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,635 shares of the wireless technology company’s stock after selling 2,400 shares during the quarter. Hall Laurie J Trustee’s holdings in QUALCOMM were worth $367,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Truewealth LLC acquired a new position in QUALCOMM in the fourth quarter worth $102,000. We Are One Seven LLC acquired a new position in QUALCOMM in the fourth quarter worth $119,000. Gradient Investments LLC acquired a new position in QUALCOMM in the fourth quarter worth $120,000. Cerebellum GP LLC acquired a new position in QUALCOMM in the fourth quarter worth $126,000. Finally, Avestar Capital LLC acquired a new position in QUALCOMM in the fourth quarter worth $141,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on the company. Cowen assumed coverage on QUALCOMM in a research note on Thursday, May 17th. They issued a “market perform” rating and a $58.00 price objective on the stock. BidaskClub raised QUALCOMM from a “strong sell” rating to a “sell” rating in a research note on Monday, May 14th. ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday, May 1st. Zacks Investment Research lowered QUALCOMM from a “hold” rating to a “sell” rating in a research note on Monday, April 30th. Finally, Canaccord Genuity reduced their price objective on QUALCOMM from $79.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday, April 26th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the stock. QUALCOMM has a consensus rating of “Hold” and a consensus price target of $63.67.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.10. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.21 billion. QUALCOMM had a positive return on equity of 16.48% and a negative net margin of 20.16%. The firm’s quarterly revenue was down 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.34 earnings per share. equities research analysts predict that QUALCOMM, Inc. will post 2.71 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, May 30th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Tuesday, May 29th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.20%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.57. QUALCOMM’s payout ratio is presently 60.32%.
QUALCOMM announced that its board has approved a share repurchase plan on Wednesday, May 9th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the wireless technology company to buy up to 12.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, EVP James H. Thompson sold 50,126 shares of the business’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $62.66, for a total transaction of $3,140,895.16. Following the completion of the sale, the executive vice president now owns 136,482 shares in the company, valued at $8,551,962.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Donald J. Rosenberg sold 11,670 shares of the business’s stock in a transaction on Tuesday, May 8th. The stock was sold at an average price of $53.01, for a total value of $618,626.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,383 shares of company stock valued at $4,762,616. 0.17% of the stock is currently owned by corporate insiders.
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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