First Business Financial Services Inc. decreased its position in Qualcomm Inc. (NASDAQ:QCOM) by 4.8% during the second quarter, Holdings Channel reports. The firm owned 7,587 shares of the wireless technology company’s stock after selling 385 shares during the period. First Business Financial Services Inc.’s holdings in Qualcomm were worth $406,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the company. ING Groep NV raised its position in shares of Qualcomm by 11.0% in the second quarter. ING Groep NV now owns 242,400 shares of the wireless technology company’s stock worth $12,981,000 after buying an additional 24,078 shares during the period. First Republic Investment Management Inc. raised its position in shares of Qualcomm by 3.4% in the first quarter. First Republic Investment Management Inc. now owns 844,615 shares of the wireless technology company’s stock worth $43,194,000 after buying an additional 27,934 shares during the period. Conning Inc. raised its position in shares of Qualcomm by 4.2% in the second quarter. Conning Inc. now owns 475,737 shares of the wireless technology company’s stock worth $25,485,000 after buying an additional 19,357 shares during the period. Orbis Allan Gray Ltd bought a new position in shares of Qualcomm during the first quarter worth about $865,645,000. Finally, Legal & General Group Plc raised its position in shares of Qualcomm by 2.4% in the first quarter. Legal & General Group Plc now owns 7,071,165 shares of the wireless technology company’s stock worth $361,632,000 after buying an additional 166,659 shares during the period. 78.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of Qualcomm Inc. (NASDAQ:QCOM) remained flat at $65.70 on Friday. The company’s stock had a trading volume of 6,743,106 shares. The stock has a 50-day moving average of $64.16 and a 200 day moving average of $57.34. The firm has a market capitalization of $96.82 billion, a price-to-earnings ratio of 19.24 and a beta of 1.25. Qualcomm Inc. has a 1-year low of $42.24 and a 1-year high of $70.40.
Qualcomm (NASDAQ:QCOM) last posted its 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 analyst estimates of $5.57 billion. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. Qualcomm’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 forecast that Qualcomm Inc. will post $4.30 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a yield of 3.23%. Qualcomm’s dividend payout ratio is currently 62.17%.
A number of equities analysts recently issued reports on QCOM shares. Vetr raised shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $71.00 target price on the stock in a research report on Monday, September 26th. Canaccord Genuity lifted their price target on shares of Qualcomm from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday. Zacks Investment Research downgraded shares of Qualcomm from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. BMO Capital Markets reiterated an “underperform” rating and set a $53.00 price target on shares of Qualcomm in a research note on Sunday, October 2nd. Finally, Standpoint Research upgraded shares of Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a research note on Thursday, August 25th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $64.12.
In other news, President Derek K. Aberle sold 22,653 shares of the company’s stock in a transaction 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 transaction, the president now directly 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 SEC, which is accessible through the SEC website. Also, EVP Matthew S. Grob sold 2,000 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was 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. Company 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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