Jolley Asset Management LLC reduced its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 5.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,257 shares of the wireless technology company’s stock after selling 3,417 shares during the period. QUALCOMM accounts for 2.8% of Jolley Asset Management LLC’s holdings, making the stock its 13th biggest holding. Jolley Asset Management LLC’s holdings in QUALCOMM were worth $4,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Peddock Capital Advisors LLC purchased a new position in shares of QUALCOMM in the fourth quarter worth $30,000. Mechanics Bank Trust Department purchased a new position in shares of QUALCOMM in the third quarter worth $34,000. Proffitt & Goodson Inc. purchased a new position in shares of QUALCOMM in the third quarter worth $38,000. Ellevest Inc. raised its holdings in shares of QUALCOMM by 217.8% in the third quarter. Ellevest Inc. now owns 518 shares of the wireless technology company’s stock worth $40,000 after buying an additional 355 shares during the last quarter. Finally, Garrett Wealth Advisory Group LLC purchased a new position in shares of QUALCOMM in the third quarter worth $42,000. Institutional investors and hedge funds own 77.38% of the company’s stock.
A number of research firms have issued reports on QCOM. Cowen reaffirmed a “buy” rating and issued a $100.00 price target on shares of QUALCOMM in a report on Wednesday, November 20th. JPMorgan Chase & Co. raised their price target on shares of QUALCOMM from $88.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Morgan Stanley cut shares of QUALCOMM from an “overweight” rating to an “equal” rating and raised their price target for the stock from $89.00 to $90.00 in a report on Monday, November 11th. They noted that the move was a valuation call. Mizuho raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and raised their price target for the stock from $80.00 to $100.00 in a report on Friday, November 15th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $95.00 price objective on shares of QUALCOMM in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $88.84.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.07. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.71 billion. QUALCOMM had a net margin of 18.07% and a return on equity of 77.78%. The firm’s revenue was down 17.2% on a year-over-year basis. During the same quarter last year, the business earned $0.90 earnings per share. Sell-side analysts anticipate that QUALCOMM, Inc. will post 3.48 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 5th will be given a dividend of $0.62 per share. The ex-dividend date is Wednesday, March 4th. This represents a $2.48 annualized dividend and a yield of 2.77%. QUALCOMM’s dividend payout ratio is presently 87.32%.
In related news, CAO Erin L. Polek sold 3,190 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $84.65, for a total transaction of $270,033.50. Following the sale, the chief accounting officer now owns 1,040 shares in the company, valued at $88,036. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Donald J. Rosenberg sold 28,729 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $84.51, for a total transaction of $2,427,887.79. Following the sale, the executive vice president now owns 18,431 shares in the company, valued at approximately $1,557,603.81. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,458 shares of company stock worth $9,349,683. 0.11% of the stock is owned by company insiders.
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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