Sheaff Brock Investment Advisors LLC reduced its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 13.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 34,020 shares of the wireless technology company’s stock after selling 5,499 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in QUALCOMM were worth $2,588,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Weaver Consulting Group bought a new stake in shares of QUALCOMM during the 1st quarter worth about $25,000. Ibex Wealth Advisors bought a new stake in shares of QUALCOMM during the 2nd quarter worth about $28,000. Hexavest Inc. bought a new stake in shares of QUALCOMM during the 2nd quarter worth about $33,000. Lenox Wealth Advisors LLC bought a new stake in shares of QUALCOMM during the 2nd quarter worth about $34,000. Finally, Meridian Wealth Management LLC bought a new stake in shares of QUALCOMM during the 1st quarter worth about $26,000. Hedge funds and other institutional investors own 77.19% of the company’s stock.
In other QUALCOMM news, SVP Erin L. Polek sold 1,478 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $70.36, for a total value of $103,992.08. Following the transaction, the senior vice president now directly owns 1,386 shares of the company’s stock, valued at $97,518.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michelle M. Sterling sold 5,560 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $86.44, for a total transaction of $480,606.40. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.
QCOM has been the subject of several research analyst reports. Canaccord Genuity reduced their target price on shares of QUALCOMM from $90.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Edward Jones downgraded shares of QUALCOMM from a “hold” rating to a “sell” rating and set a $69.31 target price for the company. in a report on Thursday, May 23rd. Citigroup lifted their target price on shares of QUALCOMM from $55.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Barclays downgraded shares of QUALCOMM from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $90.00 to $75.00 in a report on Thursday, July 18th. Finally, Raymond James raised shares of QUALCOMM from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $85.00 to $115.00 in a report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $79.93.
NASDAQ QCOM traded up $2.51 on Tuesday, hitting $72.31. 6,375,120 shares of the company were exchanged, compared to its average volume of 12,222,399. The stock has a market capitalization of $84.34 billion, a P/E ratio of 22.67, a PEG ratio of 1.94 and a beta of 1.62. QUALCOMM, Inc. has a 12 month low of $49.10 and a 12 month high of $90.34. The stock’s fifty day moving average is $74.35. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.61 and a current ratio of 1.77.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.02. The business had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.12 billion. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. QUALCOMM’s revenue was down 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 earnings per share. As a group, research analysts anticipate that QUALCOMM, Inc. will post 2.88 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.43%. The ex-dividend date is Wednesday, September 11th. QUALCOMM’s dividend payout ratio is presently 77.74%.
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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