Geode Capital Management LLC Lowers Holdings in QUALCOMM, Inc. (QCOM)

Geode Capital Management LLC reduced its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 4.8% during the 4th quarter, Holdings Channel reports. The firm owned 15,680,866 shares of the wireless technology company’s stock after selling 794,717 shares during the period. Geode Capital Management LLC’s holdings in QUALCOMM were worth $890,919,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Oregon Public Employees Retirement Fund lifted its stake in shares of QUALCOMM by 9,505.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 33,612,696 shares of the wireless technology company’s stock worth $591,000 after acquiring an additional 33,262,770 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of QUALCOMM by 24.1% in the 4th quarter. Bank of New York Mellon Corp now owns 25,852,938 shares of the wireless technology company’s stock worth $1,471,289,000 after acquiring an additional 5,022,323 shares during the period. Eaton Vance Management lifted its stake in shares of QUALCOMM by 10.3% in the 4th quarter. Eaton Vance Management now owns 7,306,885 shares of the wireless technology company’s stock worth $415,835,000 after acquiring an additional 680,397 shares during the period. Stifel Financial Corp lifted its stake in shares of QUALCOMM by 9.3% in the 4th quarter. Stifel Financial Corp now owns 3,019,884 shares of the wireless technology company’s stock worth $171,845,000 after acquiring an additional 256,543 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of QUALCOMM by 1.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,502,224 shares of the wireless technology company’s stock worth $142,402,000 after acquiring an additional 46,843 shares during the period. 82.04% of the stock is currently owned by institutional investors.

Shares of NASDAQ QCOM opened at $81.50 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.55 and a debt-to-equity ratio of 3.98. QUALCOMM, Inc. has a 52 week low of $49.10 and a 52 week high of $90.34. The stock has a market capitalization of $99.08 billion, a P/E ratio of 24.55, a P/E/G ratio of 1.79 and a beta of 1.45.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the firm posted $0.80 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, research analysts anticipate that QUALCOMM, Inc. will post 3.32 EPS for the current fiscal year.

The firm also recently announced 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. The ex-dividend date is Wednesday, June 5th. This represents a $2.48 annualized dividend and a yield of 3.04%. QUALCOMM’s dividend payout ratio (DPR) is currently 77.74%.

In other QUALCOMM news, Director Clark T. Jr. Randt sold 2,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $89.58, for a total transaction of $179,160.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brian Modoff sold 17,440 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $88.53, for a total transaction of $1,543,963.20. The disclosure for this sale can be found here. Insiders have sold a total of 949,832 shares of company stock valued at $37,443,538 over the last 90 days. 0.11% of the stock is currently owned by insiders.

Several analysts have recently commented on QCOM shares. BidaskClub cut shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 29th. Cowen restated an “outperform” rating and issued a $70.00 target price (down previously from $73.00) on shares of QUALCOMM in a research note on Thursday, January 31st. Mizuho reduced their target price on shares of QUALCOMM from $66.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, January 31st. Susquehanna Bancshares restated a “positive” rating and issued a $65.00 target price (down previously from $75.00) on shares of QUALCOMM in a research note on Thursday, January 31st. Finally, Bank of America restated a “neutral” rating and issued a $60.00 target price (down previously from $67.00) on shares of QUALCOMM in a research note on Thursday, January 31st. Seven 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 stock. QUALCOMM presently has an average rating of “Buy” and an average target price of $83.09.

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About QUALCOMM

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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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