Bridges Investment Management Inc. cut its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 12.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,897 shares of the wireless technology company’s stock after selling 14,775 shares during the period. Bridges Investment Management Inc.’s holdings in QUALCOMM were worth $5,607,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of QCOM. Aristotle Capital Management LLC bought a new stake in QUALCOMM in the 1st quarter worth about $105,000. Moneta Group Investment Advisors LLC grew its position in QUALCOMM by 9,686.8% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock worth $105,000 after purchasing an additional 73,523 shares in the last quarter. Squar Milner Financial Services LLC bought a new stake in QUALCOMM in the 2nd quarter worth about $106,000. Institutional & Family Asset Management LLC bought a new stake in QUALCOMM in the 1st quarter worth about $121,000. Finally, Point72 Asia Hong Kong Ltd grew its position in QUALCOMM by 318.9% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock worth $138,000 after purchasing an additional 1,891 shares in the last quarter. 77.39% of the stock is owned by institutional investors.
A number of research analysts have weighed in on QCOM shares. Deutsche Bank boosted their target price on shares of QUALCOMM to $70.00 and gave the company a “hold” rating in a research note on Wednesday, September 19th. KeyCorp started coverage on shares of QUALCOMM in a research note on Tuesday, September 25th. They issued a “sector weight” rating on the stock. BidaskClub upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday, September 18th. Canaccord Genuity dropped their price target on shares of QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a research note on Tuesday, September 25th. Finally, Tigress Financial restated a “buy” rating on shares of QUALCOMM in a research note on Friday, September 28th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $71.12.
In other news, EVP Alexander H. Rogers sold 854 shares of the stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $72.18, for a total value of $61,641.72. Following the transaction, the executive vice president now owns 5,197 shares of the company’s stock, valued at approximately $375,119.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Alexander H. Rogers sold 828 shares of the stock in a transaction on Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the completion of the transaction, the executive vice president now directly owns 7,170 shares in the company, valued at approximately $454,578. The disclosure for this sale can be found here. Insiders sold a total of 2,988 shares of company stock worth $202,122 over the last quarter. Corporate insiders own 0.24% of the company’s stock.
NASDAQ QCOM traded down $1.17 on Friday, hitting $71.21. The stock had a trading volume of 11,734,918 shares, compared to its average volume of 11,755,862. QUALCOMM, Inc. has a 52-week low of $48.56 and a 52-week high of $76.50. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62. The stock has a market capitalization of $105.82 billion, a PE ratio of 18.84, a P/E/G ratio of 2.12 and a beta of 1.66.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.30. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same period in the prior year, the company posted $0.83 EPS. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, research analysts anticipate that QUALCOMM, Inc. will post 3.12 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 26th. Shareholders of record on Wednesday, September 5th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend was Tuesday, September 4th. QUALCOMM’s dividend payout ratio is presently 65.61%.
QUALCOMM declared that its Board of Directors has approved a share buyback program on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the wireless technology company to buy up to 34.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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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