Alps Advisors Inc. raised its position in shares of Qualcomm Inc. (NASDAQ:QCOM) by 16.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 490,073 shares of the wireless technology company’s stock after buying an additional 71,027 shares during the period. Alps Advisors Inc.’s holdings in Qualcomm were worth $26,253,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of QCOM. CapWealth Advisors LLC raised its position in shares of Qualcomm by 37.8% in the first quarter. CapWealth Advisors LLC now owns 2,188 shares of the wireless technology company’s stock worth $112,000 after buying an additional 600 shares during the period. Joel Isaacson & Co. LLC raised its position in shares of Qualcomm by 4.9% in the second quarter. Joel Isaacson & Co. LLC now owns 2,219 shares of the wireless technology company’s stock worth $119,000 after buying an additional 103 shares during the period. Americafirst Capital Management LLC purchased a new position in shares of Qualcomm during the second quarter worth about $121,000. Delta Asset Management LLC TN raised its position in shares of Qualcomm by 12.8% in the second quarter. Delta Asset Management LLC TN now owns 2,417 shares of the wireless technology company’s stock worth $129,000 after buying an additional 275 shares during the period. Finally, Zions Bancorporation raised its position in shares of Qualcomm by 287.3% in the first quarter. Zions Bancorporation now owns 3,013 shares of the wireless technology company’s stock worth $155,000 after buying an additional 2,235 shares during the period. Institutional investors own 78.05% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded up 0.24% during trading on Wednesday, hitting $66.84. 6,361,993 shares of the stock traded hands. The company has a market cap of $98.50 billion, a PE ratio of 19.57 and a beta of 1.25. Qualcomm Inc. has a 1-year low of $42.24 and a 1-year high of $70.40. The company has a 50 day moving average of $63.38 and a 200-day moving average of $56.65.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.19. The firm earned $5.60 billion during the quarter, compared to analysts’ expectations of $5.57 billion. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.99 EPS. On average, equities analysts anticipate that Qualcomm Inc. will post $4.28 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st were issued a dividend of $0.53 per share. The ex-dividend date was Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.17%. Qualcomm’s dividend payout ratio is currently 62.17%.
Several research analysts have weighed in on QCOM shares. BMO Capital Markets lowered shares of Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 target price on the stock. in a research report on Thursday, July 14th. Mizuho upped their target price on shares of Qualcomm from $56.00 to $59.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 6th. Morgan Stanley restated an “overweight” rating and set a $65.00 target price on shares of Qualcomm in a research report on Tuesday, September 20th. Pacific Crest upped their target price on shares of Qualcomm from $59.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, July 21st. Finally, Evercore ISI lowered shares of Qualcomm from a “buy” rating to a “hold” rating and lowered their target price for the stock from $60.00 to $55.00 in a research report on Friday, July 1st. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $63.98.
In other news, EVP Matthew S. Grob sold 2,000 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $62.37, for a total value of $124,740.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raymond V. Dittamore sold 7,000 shares of the company’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $61.00, for a total value of $427,000.00. Following the completion of the sale, the director now directly owns 12,765 shares of the company’s stock, valued at $778,665. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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