Wetherby Asset Management Inc. raised its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 22.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,316 shares of the wireless technology company’s stock after acquiring an additional 4,594 shares during the quarter. Wetherby Asset Management Inc.’s holdings in QUALCOMM were worth $1,926,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. ACG Wealth lifted its holdings in QUALCOMM by 2.6% in the 1st quarter. ACG Wealth now owns 7,749 shares of the wireless technology company’s stock valued at $442,000 after acquiring an additional 197 shares during the last quarter. Conning Inc. lifted its holdings in QUALCOMM by 5.7% in the 1st quarter. Conning Inc. now owns 826,550 shares of the wireless technology company’s stock valued at $47,138,000 after acquiring an additional 44,907 shares during the last quarter. World Asset Management Inc lifted its holdings in QUALCOMM by 18.5% in the 1st quarter. World Asset Management Inc now owns 91,562 shares of the wireless technology company’s stock valued at $5,222,000 after acquiring an additional 14,322 shares during the last quarter. Regent Investment Management LLC lifted its holdings in QUALCOMM by 12.5% in the 1st quarter. Regent Investment Management LLC now owns 4,492 shares of the wireless technology company’s stock valued at $256,000 after acquiring an additional 500 shares during the last quarter. Finally, OLD Second National Bank of Aurora lifted its holdings in QUALCOMM by 4.7% in the 1st quarter. OLD Second National Bank of Aurora now owns 37,027 shares of the wireless technology company’s stock valued at $2,112,000 after acquiring an additional 1,661 shares during the last quarter. 76.18% of the stock is owned by institutional investors.
In other QUALCOMM news, President Cristiano R. Amon sold 17,318 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $84.87, for a total transaction of $1,469,778.66. Following the transaction, the president now owns 79,862 shares in the company, valued at $6,777,887.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Michelle M. Sterling sold 5,560 shares of the 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 41,069 shares of company stock worth $3,489,942 in the last 90 days. 0.11% of the stock is currently owned by corporate insiders.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. QUALCOMM had a return on equity of 112.21% and a net margin of 13.41%. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. The firm’s revenue was down 12.7% on a year-over-year basis. Research analysts predict that QUALCOMM, Inc. will post 3.31 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $2.48 dividend on an annualized basis and a yield of 3.59%. QUALCOMM’s dividend payout ratio is currently 77.74%.
A number of research firms have commented on QCOM. Canaccord Genuity reduced their price objective on shares of QUALCOMM from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday. Goldman Sachs Group began coverage on shares of QUALCOMM in a research note on Thursday, May 23rd. They set a “neutral” rating and a $73.00 price objective for the company. DZ Bank reaffirmed a “sell” rating on shares of QUALCOMM in a research note on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 price objective on shares of QUALCOMM in a research note on Monday, July 22nd. Finally, Sanford C. Bernstein set a $60.00 target price on QUALCOMM and gave the company a “hold” rating in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. QUALCOMM currently has an average rating of “Buy” and an average price target of $79.93.
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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