Buckley Wealth Management LLC lessened its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 5.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,149 shares of the wireless technology company’s stock after selling 1,320 shares during the period. Buckley Wealth Management LLC’s holdings in QUALCOMM were worth $1,523,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. Bank of New York Mellon Corp increased its stake in QUALCOMM by 13.4% during the second quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock valued at $1,170,308,000 after purchasing an additional 2,463,511 shares during the last quarter. Parnassus Investments CA increased its stake in QUALCOMM by 3.6% during the second quarter. Parnassus Investments CA now owns 10,150,000 shares of the wireless technology company’s stock valued at $569,618,000 after purchasing an additional 350,000 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in QUALCOMM by 3.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 9,687,604 shares of the wireless technology company’s stock valued at $543,669,000 after purchasing an additional 323,005 shares during the last quarter. Waddell & Reed Financial Inc. increased its stake in QUALCOMM by 18.8% during the second quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock valued at $282,280,000 after purchasing an additional 794,924 shares during the last quarter. Finally, Swiss National Bank increased its stake in QUALCOMM by 3.5% during the second quarter. Swiss National Bank now owns 4,894,065 shares of the wireless technology company’s stock valued at $274,655,000 after purchasing an additional 164,400 shares during the last quarter. Institutional investors and hedge funds own 77.35% of the company’s stock.
Several analysts have weighed in on the stock. BidaskClub upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a research note on Wednesday. Tigress Financial reiterated a “buy” rating on shares of QUALCOMM in a research note on Friday, September 28th. Stifel Nicolaus boosted their target price on shares of QUALCOMM from $58.00 to $62.00 and gave the company a “hold” rating in a research note on Thursday, September 27th. Canaccord Genuity lowered their target price on shares of QUALCOMM from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Tuesday, September 25th. Finally, KeyCorp assumed coverage on shares of QUALCOMM in a research note on Tuesday, September 25th. They set a “sector weight” rating for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $71.12.
QUALCOMM stock opened at $62.48 on Friday. The stock has a market cap of $97.14 billion, a PE ratio of 16.53, a PEG ratio of 2.17 and a beta of 1.67. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62. QUALCOMM, Inc. has a one year low of $48.56 and a one year high of $76.50.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.71 by $0.30. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.19 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 earnings per share. Equities research analysts predict that QUALCOMM, Inc. will post 3.12 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.97%. The ex-dividend date is Wednesday, December 5th. QUALCOMM’s payout ratio is currently 65.61%.
QUALCOMM announced that its board has authorized a stock repurchase program on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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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