Andra AP fonden lessened its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 17.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 37,800 shares of the wireless technology company’s stock after selling 8,100 shares during the quarter. Andra AP fonden’s holdings in QUALCOMM were worth $2,723,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Moneta Group Investment Advisors LLC boosted its holdings in shares of QUALCOMM by 9,686.8% in the second quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock worth $105,000 after buying an additional 73,523 shares during the last quarter. Squar Milner Financial Services LLC purchased a new position in shares of QUALCOMM in the second quarter worth approximately $106,000. Kiley Juergens Wealth Management LLC boosted its holdings in shares of QUALCOMM by 1,760.0% in the third quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock worth $133,000 after buying an additional 1,760 shares during the last quarter. Guidant Wealth Advisors boosted its holdings in shares of QUALCOMM by 794.7% in the second quarter. Guidant Wealth Advisors now owns 10,307 shares of the wireless technology company’s stock worth $162,000 after buying an additional 9,155 shares during the last quarter. Finally, Cerebellum GP LLC purchased a new position in shares of QUALCOMM in the third quarter worth approximately $180,000. 77.35% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently issued reports on QCOM shares. Canaccord Genuity raised their price objective on shares of QUALCOMM from $81.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 23rd. Cowen raised shares of QUALCOMM from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $64.00 to $80.00 in a report on Monday, August 6th. Nomura raised their price objective on shares of QUALCOMM from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, September 4th. Royal Bank of Canada raised their price objective on shares of QUALCOMM to $77.00 and gave the stock an “outperform” rating in a report on Friday, September 7th. Finally, Rosenblatt Securities raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $56.00 to $70.00 in a report on Monday, August 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the stock. QUALCOMM has a consensus rating of “Buy” and an average price target of $71.12.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.30. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter last year, the business earned $0.83 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. As a group, analysts expect that QUALCOMM, Inc. will post 3.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Wednesday, December 5th. QUALCOMM’s payout ratio is 65.61%.
QUALCOMM announced that its board has initiated a stock repurchase plan on Thursday, July 26th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to buy up to 34.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other QUALCOMM news, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the sale, the president now owns 58,045 shares in the company, valued at approximately $3,994,076.45. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Alexander H. Rogers sold 854 shares of the firm’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total transaction of $61,641.72. Following the sale, the executive vice president now owns 5,197 shares in the company, valued at approximately $375,119.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,785 shares of company stock worth $6,247,913. 0.17% of the stock is owned by company 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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