Bourne Lent Asset Management Inc. increased its stake in Qualcomm Inc. (NASDAQ:QCOM) by 23.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,399 shares of the wireless technology company’s stock after buying an additional 7,721 shares during the period. Qualcomm accounts for about 1.7% of Bourne Lent Asset Management Inc.’s holdings, making the stock its 12th largest position. Bourne Lent Asset Management Inc.’s holdings in Qualcomm were worth $2,164,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. CapWealth Advisors LLC increased its stake 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 valued at $112,000 after buying an additional 600 shares during the last quarter. Joel Isaacson & Co. LLC increased its stake 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 valued at $119,000 after buying an additional 103 shares during the last quarter. Americafirst Capital Management LLC bought a new stake in shares of Qualcomm during the second quarter valued at about $121,000. Delta Asset Management LLC TN increased its stake 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 valued at $129,000 after buying an additional 275 shares during the last quarter. Finally, Zions Bancorporation increased its stake 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 valued at $155,000 after buying an additional 2,235 shares during the last quarter. Institutional investors and hedge funds own 78.05% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded up 1.56% on Friday, reaching $68.50. The company’s stock had a trading volume of 34,879,502 shares. Qualcomm Inc. has a 52-week low of $42.24 and a 52-week high of $70.40. The firm’s 50 day moving average is $62.97 and its 200-day moving average is $56.28. The stock has a market cap of $100.94 billion, a P/E ratio of 20.06 and a beta of 1.22.
Qualcomm (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter last year, the company earned $0.99 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities research analysts forecast that Qualcomm Inc. will post $4.30 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st were issued a $0.53 dividend. The ex-dividend date was Monday, August 29th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.09%. Qualcomm’s dividend payout ratio is presently 62.17%.
QCOM has been the topic of several research analyst reports. KeyCorp restated a “buy” rating and issued a $59.00 price objective on shares of Qualcomm in a research note on Wednesday, July 6th. Morgan Stanley reaffirmed a “buy” rating on shares of Qualcomm in a research report on Wednesday, June 15th. Vetr raised Qualcomm from a “hold” rating to a “buy” rating and set a $58.08 target price for the company in a research report on Monday, June 13th. Zacks Investment Research raised Qualcomm from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Monday, July 11th. Finally, Bank of America Corp. reaffirmed a “buy” rating on shares of Qualcomm in a research report on Monday, July 18th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $63.02.
In related news, EVP Matthew S. Grob sold 74,000 shares of Qualcomm stock in a transaction on Thursday, September 29th. The stock was sold at an average price of $66.63, for a total transaction of $4,930,620.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Matthew S. Grob sold 33,000 shares of Qualcomm stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $59.85, for a total value of $1,975,050.00. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.
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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