Atlantic Trust Group LLC increased its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 5.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,379,870 shares of the wireless technology company’s stock after acquiring an additional 121,541 shares during the quarter. Atlantic Trust Group LLC owned approximately 0.16% of QUALCOMM worth $131,869,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Truewealth LLC acquired a new stake in shares of QUALCOMM in the fourth quarter worth $102,000. Aristotle Capital Management LLC acquired a new stake in shares of QUALCOMM in the first quarter worth $105,000. We Are One Seven LLC acquired a new stake in shares of QUALCOMM in the fourth quarter worth $119,000. Gradient Investments LLC acquired a new stake in shares of QUALCOMM in the fourth quarter worth $120,000. Finally, Institutional & Family Asset Management LLC acquired a new stake in shares of QUALCOMM in the first quarter worth $121,000. Institutional investors and hedge funds own 76.99% of the company’s stock.
NASDAQ QCOM opened at $59.86 on Monday. QUALCOMM, Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $69.28. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.46 and a current ratio of 3.60. The stock has a market cap of $88.76 billion, a price-to-earnings ratio of 15.84, a P/E/G ratio of 1.92 and a beta of 1.50.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.10. QUALCOMM had a positive return on equity of 16.48% and a negative net margin of 20.16%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.21 billion. During the same period last year, the company earned $1.34 earnings per share. The business’s revenue was down 13.3% compared to the same quarter last year. analysts anticipate that QUALCOMM, Inc. will post 2.71 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Wednesday, May 30th will be issued a dividend of $0.62 per share. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.57. This represents a $2.48 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend is Tuesday, May 29th. QUALCOMM’s dividend payout ratio (DPR) is 65.61%.
QUALCOMM declared that its board has approved a share repurchase program on Wednesday, May 9th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to purchase up to 12.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Several analysts have recently commented on QCOM shares. Morgan Stanley started coverage on QUALCOMM in a research report on Monday, March 19th. They issued an “underweight” rating and a $55.00 target price for the company. Wells Fargo & Co assumed coverage on QUALCOMM in a research report on Friday, March 16th. They issued a “market perform” rating for the company. Macquarie reduced their price objective on QUALCOMM from $70.00 to $55.00 and set a “neutral” rating for the company in a research report on Thursday, April 26th. BidaskClub cut QUALCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 22nd. Finally, UBS Group assumed coverage on QUALCOMM in a research report on Thursday, April 5th. They set a “neutral” rating and a $56.00 price objective for the company. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $63.67.
In other news, EVP Alexander H. Rogers sold 662 shares of QUALCOMM stock in a transaction dated Friday, April 27th. The stock was sold at an average price of $50.75, for a total value of $33,596.50. Following the transaction, the executive vice president now directly owns 8,132 shares in the company, valued at $412,699. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alexander H. Rogers sold 1,052 shares of QUALCOMM stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $59.55, for a total value of $62,646.60. Following the completion of the transaction, the executive vice president now owns 8,787 shares in the company, valued at $523,265.85. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,129 shares of company stock worth $1,605,378. Corporate insiders own 0.17% of the company’s stock.
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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