M&R Capital Management Inc. decreased its stake in Qualcomm Inc. (NASDAQ:QCOM) by 3.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 52,205 shares of the wireless technology company’s stock after selling 1,771 shares during the period. M&R Capital Management Inc.’s holdings in Qualcomm were worth $2,796,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of QCOM. QUANTRES ASSET MANAGEMENT Ltd bought a new position in shares of Qualcomm during the first quarter worth about $399,000. Montrusco Bolton Investments Inc. raised its position in shares of Qualcomm by 32.2% in the first quarter. Montrusco Bolton Investments Inc. now owns 9,975 shares of the wireless technology company’s stock worth $510,000 after buying an additional 2,430 shares during the last quarter. Kelman Lazarov Inc. bought a new position in shares of Qualcomm during the first quarter worth about $476,000. Delta Capital Management LLC raised its position in shares of Qualcomm by 28.6% in the first quarter. Delta Capital Management LLC now owns 38,235 shares of the wireless technology company’s stock worth $1,955,000 after buying an additional 8,495 shares during the last quarter. Finally, Narwhal Capital Management raised its position in shares of Qualcomm by 18.0% in the first quarter. Narwhal Capital Management now owns 19,695 shares of the wireless technology company’s stock worth $1,007,000 after buying an additional 3,010 shares during the last quarter. 78.05% of the stock is currently owned by hedge funds and other institutional investors.
Qualcomm Inc. (NASDAQ:QCOM) opened at 68.50 on Monday. Qualcomm Inc. has a 12 month low of $42.24 and a 12 month high of $70.40. The firm has a market cap of $100.94 billion, a P/E ratio of 20.06 and a beta of 1.25. The stock has a 50 day moving average of $62.97 and a 200-day moving average 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, topping the consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter last year, the business earned $0.99 earnings per share. The business’s revenue was up 2.9% on a year-over-year basis. Equities research analysts predict that Qualcomm Inc. will post $4.28 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend was Monday, August 29th. Qualcomm’s dividend payout ratio is 62.17%.
QCOM has been the topic of a number of research reports. Vetr upgraded shares of Qualcomm from a “hold” rating to a “buy” rating and set a $57.12 target price on the stock in a research report on Tuesday, June 7th. Brean Capital lowered shares of Qualcomm from a “buy” rating to a “hold” rating and upped their target price for the stock from $55.00 to $60.00 in a research report on Thursday, June 9th. Morgan Stanley reiterated a “buy” rating on shares of Qualcomm in a research report on Wednesday, June 15th. Sanford C. Bernstein lowered shares of Qualcomm from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $53.55 to $55.00 in a research report on Thursday, June 30th. Finally, Evercore ISI lowered shares of Qualcomm from a “buy” rating to a “hold” rating and reduced their target price 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, sixteen have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $63.44.
In related news, EVP Matthew S. Grob sold 33,000 shares of Qualcomm stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $59.85, for a total value of $1,975,050.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Derek K. Aberle sold 22,653 shares of Qualcomm stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $61.95, for a total transaction of $1,403,353.35. Following the completion of the sale, the president now owns 69,234 shares in the company, valued at approximately $4,289,046.30. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by 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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