QUALCOMM, Inc. (QCOM) Shares Bought by Parnassus Investments CA

Parnassus Investments CA grew its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 9.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 2,300,000 shares of the wireless technology company’s stock after purchasing an additional 200,000 shares during the quarter. Parnassus Investments CA’s holdings in QUALCOMM were worth $131,169,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in QCOM. Lavaca Capital LLC purchased a new position in QUALCOMM during the fourth quarter worth about $25,000. Field & Main Bank purchased a new position in QUALCOMM during the first quarter worth about $32,000. Baldwin Brothers Inc. MA purchased a new position in QUALCOMM during the first quarter worth about $34,000. Transamerica Financial Advisors Inc. raised its stake in QUALCOMM by 688.5% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 615 shares of the wireless technology company’s stock worth $35,000 after purchasing an additional 537 shares during the period. Finally, Brandywine Global Investment Management LLC purchased a new position in QUALCOMM during the fourth quarter worth about $36,000. Institutional investors and hedge funds own 83.44% of the company’s stock.

In other news, EVP Donald J. Rosenberg sold 7,141 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $84.56, for a total value of $603,842.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Inc/De Qualcomm sold 848,877 shares of the company’s stock in a transaction on 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 completion of the transaction, the insider now owns 848,877 shares of the company’s stock, valued at approximately $29,031,593.40. The disclosure for this sale can be found here. Insiders have sold a total of 944,272 shares of company stock valued at $36,962,932 in the last quarter. 0.11% of the stock is currently owned by company insiders.

Shares of QCOM opened at $83.89 on Tuesday. QUALCOMM, Inc. has a fifty-two week low of $49.10 and a fifty-two week high of $90.34. The company has a market cap of $101.85 billion, a P/E ratio of 26.30, a price-to-earnings-growth ratio of 1.85 and a beta of 1.45. The company has a current ratio of 1.55, a quick ratio of 1.39 and a debt-to-equity ratio of 3.98.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.07. QUALCOMM had a net margin of 11.57% and a return on equity of 56.69%. The firm had revenue of $4.88 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the prior year, the firm earned $0.80 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, research analysts forecast that QUALCOMM, Inc. will post 3.32 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Thursday, June 6th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Wednesday, June 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.

A number of brokerages have commented on QCOM. Zacks Investment Research raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a research note on Monday, May 6th. Canaccord Genuity lifted their target price on shares of QUALCOMM from $89.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Citigroup lifted their target price on shares of QUALCOMM from $55.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $100.00 target price (up from $96.00) on shares of QUALCOMM in a research note on Thursday, May 2nd. 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 research note on Thursday, May 2nd. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. QUALCOMM currently has a consensus rating of “Buy” and a consensus target price of $83.09.

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QUALCOMM 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.

Further Reading: Asset Allocation and Your Retirement

Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QUALCOMM, Inc. (NASDAQ:QCOM).

Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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