New York State Teachers Retirement System decreased its stake in Qualcomm Inc. (NASDAQ:QCOM) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,840,481 shares of the wireless technology company’s stock after selling 88,439 shares during the period. New York State Teachers Retirement System’s holdings in Qualcomm were worth $152,165,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. CapWealth Advisors LLC increased 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 last quarter. Americafirst Capital Management LLC acquired a new position in shares of Qualcomm during the second quarter valued at about $121,000. Delta Asset Management LLC TN increased its position 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. Zions Bancorporation increased its position 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. Finally, GWM Advisors LLC acquired a new position in shares of Qualcomm during the second quarter valued at about $214,000. 78.05% of the stock is currently owned by institutional investors.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded down 1.21% during midday trading on Friday, reaching $62.75. 7,794,722 shares of the company’s stock were exchanged. Qualcomm Inc. has a 1-year low of $42.24 and a 1-year high of $64.00. The company has a market capitalization of $92.47 billion, a PE ratio of 18.37 and a beta of 1.22. The firm has a 50-day moving average of $62.52 and a 200-day moving average of $55.82.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the consensus estimate 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%. Qualcomm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the business earned $0.99 earnings per share. Equities analysts expect that Qualcomm Inc. will post $4.30 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.38%. Qualcomm’s dividend payout ratio (DPR) is currently 62.17%.
Several analysts have recently commented on the stock. Royal Bank Of Canada raised their target price on shares of Qualcomm from $55.00 to $59.00 and gave the stock an “outperform” rating in a research note on Thursday, July 21st. Vetr upgraded shares of Qualcomm from a “hold” rating to a “buy” rating and set a $57.12 target price for the company in a research note on Wednesday, June 1st. Nomura restated a “neutral” rating and issued a $55.00 target price on shares of Qualcomm in a research note on Thursday, July 21st. Sanford C. Bernstein restated a “hold” rating on shares of Qualcomm in a research note on Thursday, September 8th. Finally, Stifel Nicolaus raised their target price on shares of Qualcomm from $59.00 to $67.00 and gave the stock a “buy” rating in a research note on Thursday, July 21st. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Qualcomm presently has a consensus rating of “Buy” and a consensus target price of $62.02.
In other Qualcomm news, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James H. Thompson sold 10,000 shares of Qualcomm stock in a transaction on Friday, September 9th. The shares were sold at an average price of $60.94, for a total value of $609,400.00. Following the transaction, the executive vice president now directly owns 59,497 shares of the company’s stock, valued at $3,625,747.18. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate 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.
Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qualcomm Inc. (NASDAQ:QCOM).
Receive News & Ratings for Qualcomm Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qualcomm Inc. and related companies with MarketBeat.com's FREE daily email newsletter.