Candriam Luxembourg S.C.A. reduced its stake in Qualcomm Inc. (NASDAQ:QCOM) by 35.0% during the second quarter, Holdings Channel reports. The institutional investor owned 92,178 shares of the wireless technology company’s stock after selling 49,734 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Qualcomm were worth $4,938,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in 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 valued at $112,000 after buying an additional 600 shares during the period. Joel Isaacson & Co. LLC increased its stake in 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 in the last quarter. Americafirst Capital Management LLC bought a new stake in Qualcomm during the second quarter valued at $121,000. Delta Asset Management LLC TN increased its stake in 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 in the last quarter. Finally, Zions Bancorporation increased its stake in 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 in the last quarter. Institutional investors own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded down 2.03% during midday trading on Monday, hitting $67.11. 10,153,594 shares of the stock traded hands. The company has a market cap of $98.90 billion, a P/E ratio of 19.65 and a beta of 1.25. Qualcomm Inc. has a one year low of $42.24 and a one year high of $70.40. The company’s 50 day moving average is $63.13 and its 200-day moving average is $56.47.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same period last year, the business earned $0.99 EPS. Qualcomm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts forecast that Qualcomm Inc. will post $4.28 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were paid 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 3.16%. Qualcomm’s dividend payout ratio is currently 62.17%.
Several research firms have recently weighed in on QCOM. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $70.00 price target (up previously from $63.00) on shares of Qualcomm in a research note on Monday. Royal Bank Of Canada lifted their price target on shares of Qualcomm from $59.00 to $70.00 and gave the company a “sector perform” rating in a research note on Monday. Vetr downgraded shares of Qualcomm from a “buy” rating to a “hold” rating and set a $71.00 price target for the company. in a research note on Monday. RBC Capital Markets reaffirmed a “sector perform” rating and set a $70.00 price target (up previously from $59.00) on shares of Qualcomm in a research note on Monday. Finally, Goldman Sachs Group Inc. began coverage on shares of Qualcomm in a research note on Thursday, July 21st. They set a “conviction-buy” rating and a $70.00 price target for the company. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Qualcomm presently has an average rating of “Buy” and a consensus target price of $63.98.
In related news, President Derek K. Aberle sold 22,653 shares of Qualcomm stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $61.95, for a total transaction of $1,403,353.35. Following the sale, the president now directly owns 69,234 shares in the company, valued at approximately $4,289,046.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $1,975,050.00. The disclosure for this sale can be found here. Corporate 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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