Cardinal Capital Management reduced its position in shares of Qualcomm Inc. (NASDAQ:QCOM) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 59,779 shares of the wireless technology company’s stock after selling 164 shares during the period. Cardinal Capital Management’s holdings in Qualcomm were worth $3,202,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Badgley Phelps & Bell Inc. boosted its position in shares of Qualcomm by 5.7% in the first quarter. Badgley Phelps & Bell Inc. now owns 142,177 shares of the wireless technology company’s stock valued at $7,271,000 after buying an additional 7,664 shares during the last quarter. Virginia Retirement System bought a new position in shares of Qualcomm during the first quarter valued at about $8,314,000. Nisa Investment Advisors L.L.C. boosted its position in shares of Qualcomm by 16.0% in the first quarter. Nisa Investment Advisors L.L.C. now owns 524,496 shares of the wireless technology company’s stock valued at $26,823,000 after buying an additional 72,330 shares during the last quarter. Alexandria Capital LLC boosted its position in shares of Qualcomm by 20.8% in the first quarter. Alexandria Capital LLC now owns 28,191 shares of the wireless technology company’s stock valued at $1,442,000 after buying an additional 4,859 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. bought a new position in shares of Qualcomm during the first quarter valued at about $1,691,000. 78.05% of the stock is currently owned by institutional investors.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded down 0.06% during trading on Wednesday, hitting $66.05. 5,160,915 shares of the stock traded hands. The firm’s 50-day moving average price is $63.90 and its 200-day moving average price is $57.10. Qualcomm Inc. has a 52 week low of $42.24 and a 52 week high of $70.40. The company has a market cap of $97.33 billion, a price-to-earnings ratio of 19.34 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.99 earnings per share. On average, equities research analysts anticipate that Qualcomm Inc. will post $4.30 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be given a $0.53 dividend. The ex-dividend date is Monday, November 28th. This represents a $2.12 annualized dividend and a dividend yield of 3.21%. Qualcomm’s dividend payout ratio is 62.17%.
Several research analysts have recently issued reports on the stock. BMO Capital Markets cut shares of Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 target price for the company. in a report on Thursday, July 14th. Mizuho upped their target price on shares of Qualcomm from $56.00 to $59.00 and gave the company a “neutral” rating in a report on Tuesday, September 6th. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Qualcomm in a report on Tuesday, September 20th. Pacific Crest increased their price target on shares of Qualcomm from $59.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, July 21st. Finally, Evercore ISI cut shares of Qualcomm from a “buy” rating to a “hold” rating and decreased their price target for the stock from $60.00 to $55.00 in a research note on Friday, July 1st. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $64.20.
In other news, EVP Matthew S. Grob sold 74,000 shares of the stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $66.63, for a total value of $4,930,620.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Matthew S. Grob sold 2,000 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $62.37, for a total value of $124,740.00. 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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