Prentiss Smith & Co. Inc. decreased its stake in Qualcomm Inc. (NASDAQ:QCOM) by 2.6% during the second quarter, Holdings Channel reports. The fund owned 48,019 shares of the wireless technology company’s stock after selling 1,273 shares during the period. Qualcomm makes up approximately 1.4% of Prentiss Smith & Co. Inc.’s investment portfolio, making the stock its 20th largest position. Prentiss Smith & Co. Inc.’s holdings in Qualcomm were worth $2,572,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares 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 in the last quarter. Joel Isaacson & Co. LLC increased its position in shares of 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 position in shares of Qualcomm during the second quarter valued at approximately $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 in the last quarter. Finally, 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 in the last quarter. Institutional investors own 78.05% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded down 0.54% during mid-day trading on Thursday, reaching $65.70. The company’s stock had a trading volume of 7,149,838 shares. The stock has a 50 day moving average of $63.99 and a 200-day moving average of $57.17. Qualcomm Inc. has a one year low of $42.24 and a one year high of $70.40. The stock has a market cap of $96.82 billion, a P/E ratio of 19.24 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.19. The business had revenue of $5.60 billion for 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 business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.99 EPS. On average, equities research analysts expect that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Monday, November 28th. Qualcomm’s dividend payout ratio is currently 62.17%.
Several research firms have weighed in on QCOM. BMO Capital Markets cut Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a report on Thursday, July 14th. Mizuho raised their price target on Qualcomm from $56.00 to $59.00 and gave the company a “neutral” rating in a report on Tuesday, September 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Qualcomm in a report on Tuesday, September 20th. Pacific Crest raised their price target on Qualcomm from $59.00 to $67.00 and gave the company an “overweight” rating in a report on Thursday, July 21st. Finally, Evercore ISI cut Qualcomm from a “buy” rating to a “hold” rating and decreased their price objective for the company from $60.00 to $55.00 in a report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $64.20.
In other news, EVP Matthew S. Grob sold 2,000 shares of Qualcomm stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $62.37, for a total transaction of $124,740.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Matthew S. Grob sold 33,000 shares of Qualcomm stock in a transaction that occurred on Thursday, July 21st. The shares were 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. Insiders own 0.24% of the company’s stock.
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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