Pacer Advisors Inc. grew its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 269.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 235,074 shares of the wireless technology company’s stock after purchasing an additional 171,501 shares during the quarter. Pacer Advisors Inc.’s holdings in QUALCOMM were worth $13,406,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Oregon Public Employees Retirement Fund boosted its stake in shares of QUALCOMM by 9,505.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 33,612,696 shares of the wireless technology company’s stock valued at $591,000 after purchasing an additional 33,262,770 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of QUALCOMM by 24.1% during the fourth quarter. Bank of New York Mellon Corp now owns 25,852,938 shares of the wireless technology company’s stock valued at $1,471,289,000 after purchasing an additional 5,022,323 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of QUALCOMM by 0.5% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 20,156,306 shares of the wireless technology company’s stock valued at $1,147,095,000 after purchasing an additional 96,527 shares during the period. Morgan Stanley raised its holdings in shares of QUALCOMM by 163.2% in the third quarter. Morgan Stanley now owns 18,891,278 shares of the wireless technology company’s stock valued at $1,360,740,000 after acquiring an additional 11,713,988 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of QUALCOMM in the fourth quarter valued at about $736,806,000. 83.46% of the stock is owned by hedge funds and other institutional investors.
In other news, President Cristiano R. Amon sold 13,466 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $60.00, for a total transaction of $807,960.00. Following the transaction, the president now owns 37,614 shares in the company, valued at $2,256,840. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 848,877 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $34.20, for a total transaction of $29,031,593.40. Following the transaction, the insider now owns 848,877 shares in the company, valued at approximately $29,031,593.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 902,343 shares of company stock worth $31,869,553. Corporate insiders own 0.11% of the company’s stock.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.07. The business had revenue of $4.88 billion during the quarter, compared to the consensus estimate of $4.83 billion. QUALCOMM had a net margin of 10.03% and a return on equity of 36.66%. The firm’s revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.80 earnings per share. On average, equities analysts predict that QUALCOMM, Inc. will post 3.14 earnings per share for the current fiscal year.
Several analysts recently weighed in on the company. Canaccord Genuity lifted their price objective on QUALCOMM from $89.00 to $105.00 and gave the company a “buy” rating in a report on Thursday. Deutsche Bank restated a “hold” rating on shares of QUALCOMM in a report on Monday, April 29th. Bank of America restated a “neutral” rating and issued a $90.00 price objective (up from $71.00) on shares of QUALCOMM in a report on Tuesday. Rosenblatt Securities restated a “buy” rating and issued a $84.00 price objective on shares of QUALCOMM in a report on Thursday. Finally, Mizuho restated a “buy” rating and issued a $90.00 price objective (up from $82.00) on shares of QUALCOMM in a report on Thursday. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $83.09.
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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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