Carret Asset Management LLC boosted its stake in shares of Qualcomm Inc. (NASDAQ:QCOM) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 64,289 shares of the wireless technology company’s stock after buying an additional 1,490 shares during the period. Carret Asset Management LLC’s holdings in Qualcomm were worth $3,444,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp increased its position in shares of Qualcomm by 0.8% in the first quarter. State Street Corp now owns 60,697,939 shares of the wireless technology company’s stock worth $3,104,087,000 after buying an additional 468,777 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Qualcomm by 5.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 21,598,005 shares of the wireless technology company’s stock worth $1,157,005,000 after buying an additional 1,086,071 shares during the last quarter. Orbis Allan Gray Ltd bought a new position in shares of Qualcomm during the first quarter worth approximately $865,645,000. Ameriprise Financial Inc. increased its position in shares of Qualcomm by 128.3% in the second quarter. Ameriprise Financial Inc. now owns 16,884,427 shares of the wireless technology company’s stock worth $904,477,000 after buying an additional 9,487,905 shares during the last quarter. Finally, BlackRock Group LTD increased its position in shares of Qualcomm by 0.4% in the first quarter. BlackRock Group LTD now owns 16,858,032 shares of the wireless technology company’s stock worth $862,119,000 after buying an additional 58,969 shares during the last quarter. Institutional investors and hedge funds own 78.05% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded up 0.22% during mid-day trading on Wednesday, reaching $63.45. The company had a trading volume of 917,054 shares. Qualcomm Inc. has a 52-week low of $42.24 and a 52-week high of $64.00. The stock has a market capitalization of $93.50 billion, a P/E ratio of 18.58 and a beta of 1.22. The company’s 50-day moving average is $62.57 and its 200 day moving average is $56.03.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.19. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.99 earnings per share. Analysts anticipate that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders 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 3.35%. Qualcomm’s dividend payout ratio (DPR) is 62.17%.
A number of equities analysts recently commented on QCOM shares. Standpoint Research downgraded Qualcomm from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. Bank of America Corp. reissued a “buy” rating on shares of Qualcomm in a research note on Monday, July 18th. Vetr raised Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 target price for the company in a research note on Monday, September 12th. Morgan Stanley reissued a “buy” rating on shares of Qualcomm in a research note on Wednesday, June 15th. Finally, Cowen and Company raised their target price on Qualcomm from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, July 21st. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $62.08.
In related news, EVP James H. Thompson sold 10,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 59,497 shares of the company’s stock, valued at approximately $3,625,747.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Matthew S. Grob sold 33,000 shares of the firm’s stock in a transaction that occurred 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. 0.24% of the stock is currently owned by company 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.
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