Essex Investment Management Co. LLC purchased a new stake in Qualcomm Inc. (NASDAQ:QCOM) during the second quarter, Holdings Channel reports. The fund purchased 6,718 shares of the wireless technology company’s stock, valued at approximately $360,000.
Other large investors have also recently modified their holdings of the company. OLD National Bancorp IN boosted its stake in Qualcomm by 2.3% in the first quarter. OLD National Bancorp IN now owns 276,558 shares of the wireless technology company’s stock worth $14,143,000 after buying an additional 6,200 shares in the last quarter. PM CAPITAL Ltd bought a new stake in Qualcomm during the first quarter worth approximately $3,681,000. Bridges Investment Management Inc. boosted its stake in Qualcomm by 13.6% in the first quarter. Bridges Investment Management Inc. now owns 109,952 shares of the wireless technology company’s stock worth $6,886,000 after buying an additional 13,163 shares in the last quarter. ST Germain D J Co. Inc. boosted its stake in Qualcomm by 4.7% in the first quarter. ST Germain D J Co. Inc. now owns 280,214 shares of the wireless technology company’s stock worth $14,330,000 after buying an additional 12,614 shares in the last quarter. Finally, Saddle Road Partners LLC boosted its stake in Qualcomm by 37.6% in the first quarter. Saddle Road Partners LLC now owns 77,128 shares of the wireless technology company’s stock worth $3,944,000 after buying an additional 21,070 shares in the last quarter. 78.05% of the stock is currently owned by institutional investors.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded up 0.96% during midday trading on Friday, hitting $68.19. The company had a trading volume of 8,398,099 shares. The company has a market capitalization of $100.49 billion, a PE ratio of 19.97 and a beta of 1.25. Qualcomm Inc. has a 12 month low of $42.24 and a 12 month high of $70.40. The company has a 50-day moving average of $63.68 and a 200-day moving average of $56.84.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.19. The company 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%. Qualcomm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 EPS. Analysts predict that Qualcomm Inc. will post $4.30 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be issued a $0.53 dividend. The ex-dividend date is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a yield of 3.11%. Qualcomm’s payout ratio is 62.17%.
A number of equities research analysts have recently commented on QCOM shares. Standpoint Research cut Qualcomm from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. RBC Capital Markets reissued a “sector perform” rating and issued a $70.00 target price (up from $59.00) on shares of Qualcomm in a research note on Monday. Bank of America Corp. reissued a “buy” rating on shares of Qualcomm in a research note on Monday, July 18th. Vetr raised Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 target price on the stock in a research note on Monday, September 12th. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Qualcomm in a report on Wednesday, June 15th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Qualcomm has a consensus rating of “Buy” and an average price target of $63.98.
In other Qualcomm news, President Derek K. Aberle sold 22,653 shares of the stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $61.95, for a total transaction of $1,403,353.35. Following the completion of the transaction, the president now owns 69,234 shares of the company’s stock, valued at $4,289,046.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Matthew S. Grob sold 2,000 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $68.18, for a total value of $136,360.00. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.
Qualcomm Company Profile
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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