Quadrant Capital Group LLC grew its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 92.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,185 shares of the wireless technology company’s stock after purchasing an additional 5,358 shares during the quarter. Quadrant Capital Group LLC’s holdings in QUALCOMM were worth $603,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Burke & Herbert Bank & Trust Co. boosted its stake in QUALCOMM by 7.2% in the 4th quarter. Burke & Herbert Bank & Trust Co. now owns 11,458 shares of the wireless technology company’s stock worth $734,000 after purchasing an additional 774 shares during the period. First Commonwealth Financial Corp PA boosted its stake in QUALCOMM by 6.6% in the 4th quarter. First Commonwealth Financial Corp PA now owns 13,353 shares of the wireless technology company’s stock worth $855,000 after purchasing an additional 822 shares during the period. Dorsey & Whitney Trust CO LLC boosted its stake in QUALCOMM by 1.8% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 47,706 shares of the wireless technology company’s stock worth $3,055,000 after purchasing an additional 840 shares during the period. IFM Investors Pty Ltd boosted its stake in QUALCOMM by 2.1% in the 3rd quarter. IFM Investors Pty Ltd now owns 41,146 shares of the wireless technology company’s stock worth $2,133,000 after purchasing an additional 843 shares during the period. Finally, Marco Investment Management LLC boosted its stake in QUALCOMM by 0.4% in the 3rd quarter. Marco Investment Management LLC now owns 217,546 shares of the wireless technology company’s stock worth $11,278,000 after purchasing an additional 888 shares during the period. 76.92% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on QCOM shares. Morgan Stanley started coverage on QUALCOMM in a research note on Monday, March 19th. They issued an “underweight” rating and a $55.00 target price for the company. KeyCorp raised their target price on QUALCOMM from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. Royal Bank of Canada raised their target price on QUALCOMM from $77.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Zacks Investment Research downgraded QUALCOMM from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Finally, Wells Fargo & Co started coverage on QUALCOMM in a research note on Friday, March 16th. They issued a “market perform” rating for the company. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $63.67.
Shares of NASDAQ QCOM opened at $59.08 on Friday. The stock has a market cap of $87.22 billion, a P/E ratio of 15.63, a PEG ratio of 1.89 and a beta of 1.47. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.46 and a current ratio of 3.60. QUALCOMM, Inc. has a 1-year low of $48.56 and a 1-year high of $69.28.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.10. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.21 billion. QUALCOMM had a positive return on equity of 16.48% and a negative net margin of 20.16%. QUALCOMM’s revenue for the quarter was down 13.3% compared to the same quarter last year. During the same period last year, the firm posted $1.34 EPS. equities analysts expect that QUALCOMM, Inc. will post 2.71 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, May 30th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.20%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.57. The ex-dividend date is Tuesday, May 29th. QUALCOMM’s dividend payout ratio (DPR) is currently 60.32%.
QUALCOMM declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 9th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to repurchase up to 12.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
In related news, EVP James H. Thompson sold 50,126 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 136,482 shares of the company’s stock, valued at approximately $8,551,962.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Cristiano R. Amon sold 16,082 shares of the firm’s stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $53.04, for a total value of $852,989.28. Following the transaction, the president now directly owns 37,233 shares in the company, valued at $1,974,838.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,383 shares of company stock worth $4,762,616. 0.17% of the stock is currently owned by 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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