Intact Investment Management Inc. decreased its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 15.4% during the fourth quarter, Holdings Channel reports. The firm owned 175,900 shares of the wireless technology company’s stock after selling 32,000 shares during the period. Intact Investment Management Inc.’s holdings in QUALCOMM were worth $11,470,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the stock. Guardian Capital LP raised its stake in QUALCOMM by 23.6% in the fourth quarter. Guardian Capital LP now owns 15,026 shares of the wireless technology company’s stock worth $980,000 after buying an additional 2,871 shares during the period. Guardian Capital Advisors LP raised its stake in QUALCOMM by 5.3% in the fourth quarter. Guardian Capital Advisors LP now owns 101,141 shares of the wireless technology company’s stock worth $6,630,000 after buying an additional 5,130 shares during the period. Gardner Lewis Asset Management L P raised its stake in QUALCOMM by 53.6% in the fourth quarter. Gardner Lewis Asset Management L P now owns 40,123 shares of the wireless technology company’s stock worth $2,616,000 after buying an additional 14,000 shares during the period. PARUS FINANCE UK Ltd raised its stake in QUALCOMM by 16.0% in the fourth quarter. PARUS FINANCE UK Ltd now owns 538,010 shares of the wireless technology company’s stock worth $35,078,000 after buying an additional 74,320 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in QUALCOMM by 3.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 670,798 shares of the wireless technology company’s stock worth $43,732,000 after buying an additional 23,976 shares during the period. 79.28% of the stock is owned by hedge funds and other institutional investors.
Shares of QUALCOMM, Inc. (NASDAQ:QCOM) opened at 56.92 on Monday. QUALCOMM, Inc. has a 52-week low of $49.67 and a 52-week high of $71.62. The company’s 50 day moving average price is $56.41 and its 200 day moving average price is $62.90. The stock has a market capitalization of $84.07 billion, a PE ratio of 17.36 and a beta of 1.31.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, January 25th. The wireless technology company reported $1.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.01. QUALCOMM had a return on equity of 20.25% and a net margin of 20.56%. The business earned $5.99 billion during the quarter, compared to analysts’ expectations of $6.12 billion. During the same period in the prior year, the business earned $0.97 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities research analysts anticipate that QUALCOMM, Inc. will post $4.66 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 22nd. Stockholders of record on Wednesday, March 1st were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Monday, February 27th. QUALCOMM’s payout ratio is 64.63%.
A number of research firms have recently weighed in on QCOM. Canaccord Genuity reissued a “buy” rating and set a $76.00 price objective on shares of QUALCOMM in a research note on Wednesday, March 8th. Citigroup Inc reissued a “neutral” rating and set a $60.00 price objective (down previously from $70.00) on shares of QUALCOMM in a research note on Thursday, February 23rd. Raymond James Financial, Inc. reissued a “market perform” rating on shares of QUALCOMM in a research note on Thursday, February 16th. BMO Capital Markets reissued a “market perform” rating and set a $60.00 price objective on shares of QUALCOMM in a research note on Thursday, February 16th. Finally, Sanford C. Bernstein set a $65.00 price objective on QUALCOMM and gave the company a “hold” rating in a research note on Tuesday, February 7th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $66.98.
In related news, EVP Cristiano R. Amon purchased 18,815 shares of QUALCOMM stock in a transaction dated Friday, February 3rd. The stock was purchased at an average cost of $53.13 per share, with a total value of $999,640.95. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Alexander H. Rogers sold 8,993 shares of the business’s stock in a transaction on Thursday, December 29th. The stock was sold at an average price of $65.50, for a total value of $589,041.50. Following the completion of the transaction, the executive vice president now directly owns 655 shares of the company’s stock, valued at $42,902.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,614 shares of company stock valued at $1,484,029. Corporate 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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