Tiedemann Advisors LLC Reduces Position in QUALCOMM, Inc. (NASDAQ:QCOM)

Tiedemann Advisors LLC reduced its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 15.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,230 shares of the wireless technology company’s stock after selling 788 shares during the quarter. Tiedemann Advisors LLC’s holdings in QUALCOMM were worth $237,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Verition Fund Management LLC bought a new position in shares of QUALCOMM during the second quarter worth about $350,000. California Public Employees Retirement System grew its holdings in shares of QUALCOMM by 2.5% during the second quarter. California Public Employees Retirement System now owns 3,600,810 shares of the wireless technology company’s stock worth $202,077,000 after buying an additional 88,869 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in shares of QUALCOMM by 85.2% during the second quarter. Glenmede Trust Co. NA now owns 915,384 shares of the wireless technology company’s stock worth $51,371,000 after buying an additional 421,069 shares in the last quarter. Argent Trust Co grew its holdings in shares of QUALCOMM by 264.6% during the second quarter. Argent Trust Co now owns 46,900 shares of the wireless technology company’s stock worth $2,632,000 after buying an additional 34,036 shares in the last quarter. Finally, Heritage Trust Co grew its holdings in shares of QUALCOMM by 1.3% during the second quarter. Heritage Trust Co now owns 67,626 shares of the wireless technology company’s stock worth $3,794,000 after buying an additional 885 shares in the last quarter. Institutional investors own 77.39% of the company’s stock.

A number of research analysts recently issued reports on QCOM shares. Zacks Investment Research upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a report on Monday, July 30th. Canaccord Genuity increased their price target on QUALCOMM from $75.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, July 26th. Summit Insights raised QUALCOMM from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Finally, Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and increased their price target for the company from $56.00 to $70.00 in a research report on Monday, August 20th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $71.12.

Shares of QCOM remained flat at $$64.29 during mid-day trading on Friday. The stock had a trading volume of 15,656,298 shares, compared to its average volume of 11,885,420. QUALCOMM, Inc. has a 52 week low of $48.56 and a 52 week high of $76.50. The firm has a market capitalization of $105.82 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 2.12 and a beta of 1.66. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.30. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same period last year, the firm posted $0.83 earnings per share. The business’s revenue was up 5.7% on a year-over-year basis. As a group, analysts forecast that QUALCOMM, Inc. will post 3.12 earnings per share for the current year.

QUALCOMM announced that its board has authorized a stock buyback program on Thursday, July 26th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the wireless technology company to purchase up to 34.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

In other news, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total value of $6,098,286.25. Following the completion of the sale, the president now directly owns 58,045 shares of the company’s stock, valued at $3,994,076.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alexander H. Rogers sold 1,306 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $67.37, for a total value of $87,985.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,613 shares of company stock valued at $6,300,408. Insiders own 0.24% of the company’s stock.

QUALCOMM 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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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