CRA Financial Services LLC trimmed its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 2.6% in the second quarter, Holdings Channel.com reports. The firm owned 8,913 shares of the wireless technology company’s stock after selling 234 shares during the period. CRA Financial Services LLC’s holdings in QUALCOMM were worth $678,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. ACG Wealth grew its position in shares of QUALCOMM by 2.6% during the 1st quarter. ACG Wealth now owns 7,749 shares of the wireless technology company’s stock worth $442,000 after buying an additional 197 shares during the period. Conning Inc. grew its position in shares of QUALCOMM by 5.7% during the 1st quarter. Conning Inc. now owns 826,550 shares of the wireless technology company’s stock worth $47,138,000 after buying an additional 44,907 shares during the period. World Asset Management Inc grew its position in shares of QUALCOMM by 18.5% during the 1st quarter. World Asset Management Inc now owns 91,562 shares of the wireless technology company’s stock worth $5,222,000 after buying an additional 14,322 shares during the period. Regent Investment Management LLC grew its position in shares of QUALCOMM by 12.5% during the 1st quarter. Regent Investment Management LLC now owns 4,492 shares of the wireless technology company’s stock worth $256,000 after buying an additional 500 shares during the period. Finally, OLD Second National Bank of Aurora grew its position in shares of QUALCOMM by 4.7% during the 1st quarter. OLD Second National Bank of Aurora now owns 37,027 shares of the wireless technology company’s stock worth $2,112,000 after buying an additional 1,661 shares during the period. Hedge funds and other institutional investors own 76.16% of the company’s stock.
Several equities analysts have recently issued reports on QCOM shares. Raymond James upgraded QUALCOMM from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $85.00 to $115.00 in a research report on Thursday, May 2nd. Cowen restated an “outperform” rating and set a $80.00 target price (down from $100.00) on shares of QUALCOMM in a research report on Thursday, May 23rd. Evercore ISI upgraded QUALCOMM from an “in-line” rating to an “outperform” rating in a research report on Wednesday, April 17th. Deutsche Bank decreased their target price on QUALCOMM from $80.00 to $75.00 and set an “in-line” rating for the company in a research report on Thursday. Finally, TheStreet upgraded QUALCOMM from a “c+” rating to a “b-” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. QUALCOMM presently has an average rating of “Buy” and an average target price of $79.93.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.02. The firm had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.12 billion. QUALCOMM had a return on equity of 112.21% and a net margin of 13.41%. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS. As a group, research analysts anticipate that QUALCOMM, Inc. will post 3.31 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend is Wednesday, September 11th. QUALCOMM’s payout ratio is 77.74%.
In other QUALCOMM news, EVP Donald J. Rosenberg sold 7,141 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $84.56, for a total value of $603,842.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michelle M. Sterling sold 5,560 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $86.44, for a total value of $480,606.40. The disclosure for this sale can be found here. Insiders sold a total of 61,931 shares of company stock worth $5,334,769 in the last 90 days. Company insiders own 0.11% of the company’s stock.
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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