Redpoint Investment Management Pty Ltd lessened its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 21.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,825 shares of the wireless technology company’s stock after selling 23,709 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in QUALCOMM were worth $6,681,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Weaver Consulting Group bought a new position in QUALCOMM in the 1st quarter valued at $25,000. Ibex Wealth Advisors bought a new position in QUALCOMM in the 2nd quarter valued at $28,000. Hexavest Inc. bought a new position in QUALCOMM in the 2nd quarter valued at $33,000. Lenox Wealth Advisors LLC bought a new position in QUALCOMM in the 2nd quarter valued at $34,000. Finally, Meridian Wealth Management LLC bought a new position in QUALCOMM in the 1st quarter valued at $26,000. Institutional investors and hedge funds own 79.55% of the company’s stock.
Shares of QCOM stock traded down $3.63 on Friday, reaching $73.52. 13,932,117 shares of the stock were exchanged, compared to its average volume of 10,871,547. The stock has a market cap of $93.79 billion, a PE ratio of 23.05, a P/E/G ratio of 2.10 and a beta of 1.62. QUALCOMM, Inc. has a one year low of $49.10 and a one year high of $90.34. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.77 and a quick ratio of 1.61. The stock has a 50 day moving average price of $73.95 and a 200 day moving average price of $68.07.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be given a dividend of $0.62 per share. The ex-dividend date is Wednesday, September 11th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.37%. QUALCOMM’s payout ratio is currently 77.74%.
In other news, SVP Erin L. Polek sold 1,478 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $70.36, for a total transaction of $103,992.08. Following the completion of the sale, the senior vice president now owns 1,386 shares in the company, valued at $97,518.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.11% of the company’s stock.
Several equities analysts have issued reports on the company. Goldman Sachs Group assumed coverage on QUALCOMM in a research report on Thursday, May 23rd. They issued a “neutral” rating and a $73.00 price objective for the company. BidaskClub upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Raymond James upgraded QUALCOMM from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $85.00 to $115.00 in a research report on Thursday, May 2nd. Cfra set a $80.00 price objective on QUALCOMM and gave the company a “buy” rating in a research report on Thursday, May 23rd. Finally, TheStreet upgraded QUALCOMM from a “c+” rating to a “b-” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. QUALCOMM currently has a consensus rating of “Buy” and a consensus target price of $79.69.
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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