Huntington National Bank cut its stake in Qualcomm Inc. (NASDAQ:QCOM) by 37.7% during the second quarter, Holdings Channel reports. The firm owned 223,788 shares of the wireless technology company’s stock after selling 135,348 shares during the period. Huntington National Bank’s holdings in Qualcomm were worth $11,988,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Orbis Allan Gray Ltd purchased a new position in shares of Qualcomm during the first quarter valued at approximately $865,645,000. Bank of Montreal Can bought a new stake in Qualcomm during the second quarter valued at about $87,048,000. Los Angeles Capital Management & Equity Research Inc. raised its stake in Qualcomm by 410.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,894,139 shares of the wireless technology company’s stock valued at $96,866,000 after buying an additional 1,523,303 shares in the last quarter. Loomis Sayles & Co. L P raised its stake in Qualcomm by 7.7% in the first quarter. Loomis Sayles & Co. L P now owns 14,010,095 shares of the wireless technology company’s stock valued at $716,476,000 after buying an additional 1,003,767 shares in the last quarter. Finally, AMF Pensionsforsakring AB raised its stake in Qualcomm by 119.9% in the first quarter. AMF Pensionsforsakring AB now owns 1,610,706 shares of the wireless technology company’s stock valued at $82,372,000 after buying an additional 878,363 shares in the last quarter. Hedge funds and other institutional investors own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded down 0.05% during midday trading on Wednesday, hitting $66.06. 5,398,559 shares of the stock were exchanged. The company has a market capitalization of $97.35 billion, a P/E ratio of 19.34 and a beta of 1.25. The company’s 50 day moving average is $63.90 and its 200 day moving average is $57.10. Qualcomm Inc. has a 1-year low of $42.24 and a 1-year high of $70.40.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) 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 business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same period in the previous year, the business posted $0.99 EPS. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. Analysts predict that Qualcomm Inc. will post $4.30 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s dividend payout ratio is currently 62.17%.
Several analysts have recently weighed in on the stock. Canaccord Genuity lifted their target price on shares of Qualcomm from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday. Cowen and Company reiterated an “outperform” rating and set a $74.00 target price on shares of Qualcomm in a research report on Monday. BNP Paribas reiterated a “hold” rating and set a $54.00 target price on shares of Qualcomm in a research report on Sunday. RBC Capital Markets reiterated a “sector perform” rating and set a $70.00 target price (up from $59.00) on shares of Qualcomm in a research report on Monday, October 3rd. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $70.00 target price (up from $63.00) on shares of Qualcomm in a research report on Monday, October 3rd. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Qualcomm has a consensus rating of “Buy” and an average price target of $64.20.
In related news, Director Raymond V. Dittamore sold 18,000 shares of the business’s stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $68.39, for a total value of $1,231,020.00. Following the sale, the director now directly owns 5,813 shares in the company, valued at approximately $397,551.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Matthew S. Grob sold 2,000 shares of the business’s stock in a transaction dated 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 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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