Seeyond cut its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,336 shares of the wireless technology company’s stock after selling 264 shares during the quarter. Seeyond’s holdings in QUALCOMM were worth $2,049,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in 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 boosted its holdings in QUALCOMM by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 15,180,842 shares of the wireless technology company’s stock valued at $2,169,797,000 after purchasing an additional 410,004 shares during the period. Morgan Stanley boosted its holdings in QUALCOMM by 36.8% in the first quarter. Morgan Stanley now owns 10,330,243 shares of the wireless technology company’s stock valued at $1,369,687,000 after purchasing an additional 2,781,284 shares during the period. Clearbridge Investments LLC boosted its holdings in QUALCOMM by 1.9% in the second 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 during the period. Finally, Legal & General Group Plc boosted its holdings in QUALCOMM by 4.8% in the second 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 during the period. 71.77% of the stock is owned by institutional investors and hedge funds.
QCOM stock traded up $2.61 during trading on Thursday, hitting $127.65. The company had a trading volume of 167,131 shares, compared to its average volume of 8,759,255. The firm has a market cap of $143.99 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 0.94 and a beta of 1.29. QUALCOMM Incorporated has a 1-year low of $121.05 and a 1-year high of $167.94. The firm has a 50-day moving average price of $138.59 and a 200-day moving average price of $137.67. The company has a quick ratio of 1.45, a current ratio of 1.72 and a debt-to-equity ratio of 1.67.
QUALCOMM declared that its board has initiated a stock buyback program on Tuesday, October 12th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the wireless technology company to reacquire up to 7.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
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 given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.13%. The ex-dividend date is Wednesday, December 1st. QUALCOMM’s payout ratio is 81.44%.
QCOM has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $190.00 target price on shares of QUALCOMM in a report on Monday, August 2nd. Mizuho lifted their price target on QUALCOMM from $175.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday, July 29th. Cowen lifted their price target on QUALCOMM from $180.00 to $185.00 and gave the stock an “outperform” rating in a report on Thursday, July 29th. Morgan Stanley lifted their price target on QUALCOMM from $173.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, July 29th. Finally, Susquehanna Bancshares reaffirmed a “hold” rating and set a $157.00 price target on shares of QUALCOMM in a report on Thursday, July 29th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, QUALCOMM presently has an average rating of “Buy” and an average target price of $167.35.
QUALCOMM Company Profile
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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