PGGM Investments reduced its position in Qualcomm Inc. (NASDAQ:QCOM) by 27.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,650,240 shares of the wireless technology company’s stock after selling 633,663 shares during the period. PGGM Investments’ holdings in Qualcomm were worth $88,403,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently 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 worth $112,000 after buying an additional 600 shares during the period. 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 worth $119,000 after buying an additional 103 shares during the period. Americafirst Capital Management LLC purchased a new position in shares of Qualcomm during the second quarter worth $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 worth $129,000 after buying an additional 275 shares during the period. 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 worth $155,000 after buying an additional 2,235 shares during the period. Institutional investors and hedge funds own 78.05% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded up 1.56% during mid-day trading on Friday, hitting $68.50. 34,879,502 shares of the company traded hands. Qualcomm Inc. has a 52-week low of $42.24 and a 52-week high of $70.40. The firm has a market cap of $100.94 billion, a price-to-earnings ratio of 20.06 and a beta of 1.22. The firm has a 50-day moving average price of $62.97 and a 200 day moving average price of $56.28.
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 Zacks’ consensus estimate of $0.97 by $0.19. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 earnings per share. Equities research analysts anticipate that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.09%. Qualcomm’s dividend payout ratio (DPR) is 62.17%.
A number of research analysts have weighed in on the stock. BMO Capital Markets downgraded shares of Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price objective for the company. in a research report on Thursday, July 14th. Mizuho upped their price target on shares of Qualcomm from $56.00 to $59.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 6th. Morgan Stanley restated an “overweight” rating and set a $65.00 price target on shares of Qualcomm in a research report on Tuesday, September 20th. Pacific Crest upped their price target on shares of Qualcomm from $59.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, July 21st. Finally, Evercore ISI downgraded shares of Qualcomm from a “buy” rating to a “hold” rating and reduced their price target for the stock from $60.00 to $55.00 in a research report on Friday, July 1st. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $63.02.
In other Qualcomm news, EVP Matthew S. Grob sold 74,000 shares of the stock in a transaction on Thursday, September 29th. The shares were sold at an average price of $66.63, for a total transaction of $4,930,620.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Matthew S. Grob sold 33,000 shares of the 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 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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