Cullen Frost Bankers Inc. lowered its stake in shares of Qualcomm Inc. (NASDAQ:QCOM) by 1.5% during the second quarter, Holdings Channel reports. The firm owned 58,706 shares of the wireless technology company’s stock after selling 913 shares during the period. Cullen Frost Bankers Inc.’s holdings in Qualcomm were worth $3,145,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the stock. Johanson Financial Advisors Inc. increased its stake in shares of Qualcomm by 0.9% in the second quarter. Johanson Financial Advisors Inc. now owns 5,703 shares of the wireless technology company’s stock valued at $304,000 after buying an additional 53 shares during the last quarter. Hills Bank & Trust Co. increased its stake in Qualcomm by 0.3% in the second quarter. Hills Bank & Trust Co. now owns 32,172 shares of the wireless technology company’s stock worth $1,723,000 after buying an additional 90 shares in the last quarter. Farmers Trust Co. increased its stake in Qualcomm by 1.6% in the second quarter. Farmers Trust Co. now owns 6,427 shares of the wireless technology company’s stock worth $344,000 after buying an additional 100 shares in the last quarter. Joel Isaacson & Co. LLC increased its stake in 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 in the last quarter. Finally, Court Place Advisors LLC increased its stake in Qualcomm by 0.5% in the second quarter. Court Place Advisors LLC now owns 23,483 shares of the wireless technology company’s stock worth $1,258,000 after buying an additional 108 shares in the last quarter. Institutional investors own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded up 1.56% during mid-day trading on Friday, reaching $68.50. The company had a trading volume of 34,879,502 shares. The stock has a market capitalization of $100.94 billion, a P/E ratio of 20.06 and a beta of 1.22. Qualcomm Inc. has a 12-month low of $42.24 and a 12-month high of $70.40. The stock 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 (EPS) for the quarter, beating 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 return on equity of 17.70% and a net margin of 22.64%. The business’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 earnings per share. Equities analysts anticipate that Qualcomm Inc. will post $4.28 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st were paid a $0.53 dividend. The ex-dividend date was Monday, August 29th. This represents a $2.12 annualized dividend and a dividend yield of 3.09%. Qualcomm’s payout ratio is presently 62.17%.
A number of equities research analysts have weighed in on the stock. Argus reiterated a “buy” rating and set a $73.00 price target (up previously from $70.00) on shares of Qualcomm in a research note on Friday. BMO Capital Markets reiterated an “underperform” rating and set a $53.00 price target on shares of Qualcomm in a research note on Sunday. Mizuho upgraded shares of Qualcomm from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday. Cowen and Company lifted their price target on shares of Qualcomm from $62.00 to $74.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Canaccord Genuity reiterated a “buy” rating and set a $70.00 price target on shares of Qualcomm in a research note on Thursday, September 22nd. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-one have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $63.11.
In other Qualcomm news, EVP Matthew S. Grob sold 33,000 shares of the business’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $59.85, for a total value of $1,975,050.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Derek K. Aberle sold 22,653 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $61.95, for a total value of $1,403,353.35. Following the completion of the sale, the president now owns 69,234 shares in the company, valued at $4,289,046.30. The disclosure for this sale can be found here. 0.24% of the stock is 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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