Massey Quick Simon & CO. LLC cut its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 29.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,610 shares of the wireless technology company’s stock after selling 665 shares during the quarter. Massey Quick Simon & CO. LLC’s holdings in QUALCOMM were worth $92,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Lavaca Capital LLC purchased a new position in QUALCOMM during the fourth quarter valued at $25,000. Csenge Advisory Group purchased a new position in shares of QUALCOMM in the third quarter valued at about $28,000. Transamerica Financial Advisors Inc. lifted its position in shares of QUALCOMM by 688.5% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 615 shares of the wireless technology company’s stock valued at $35,000 after acquiring an additional 537 shares in the last quarter. Brandywine Global Investment Management LLC bought a new stake in shares of QUALCOMM in the fourth quarter worth about $36,000. Finally, Pearl River Capital LLC bought a new stake in shares of QUALCOMM in the fourth quarter worth about $40,000. Institutional investors own 83.44% of the company’s stock.
Several brokerages have recently issued reports on QCOM. Zacks Investment Research raised QUALCOMM from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Wednesday, February 13th. Barclays boosted their price objective on QUALCOMM from $70.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. assumed coverage on QUALCOMM in a report on Wednesday, March 27th. They set a “neutral” rating and a $54.00 target price for the company. BidaskClub lowered QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 29th. Finally, Raymond James set a $65.00 target price on QUALCOMM and gave the company a “buy” rating in a research report on Saturday, February 2nd. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $83.09.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.07. The business had revenue of $4.88 billion for the quarter, compared to analyst estimates of $4.83 billion. QUALCOMM had a net margin of 11.57% and a return on equity of 56.69%. The business’s revenue was down 5.9% on a year-over-year basis. During the same period last year, the company posted $0.80 EPS. On average, equities analysts anticipate that QUALCOMM, Inc. will post 3.14 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Thursday, June 6th will be issued a dividend of $0.62 per share. The ex-dividend date is Wednesday, June 5th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.89%. QUALCOMM’s dividend payout ratio is currently 77.74%.
In related news, EVP Alexander H. Rogers sold 20,862 shares of QUALCOMM stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $88.43, for a total value of $1,844,826.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James H. Thompson sold 40,000 shares of QUALCOMM stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $50.75, for a total transaction of $2,030,000.00. Following the completion of the sale, the executive vice president now owns 62,301 shares of the company’s stock, valued at approximately $3,161,775.75. The disclosure for this sale can be found here. Insiders have sold a total of 977,131 shares of company stock valued at $38,389,089 in the last 90 days. Insiders own 0.11% of the company’s stock.
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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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