Aviance Capital Management LLC reduced its stake in shares of Qualcomm Inc. (NASDAQ:QCOM) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,493 shares of the wireless technology company’s stock after selling 537 shares during the period. Aviance Capital Management LLC’s holdings in Qualcomm were worth $508,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of QCOM. CapWealth Advisors LLC raised its stake 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 in the last quarter. 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 last quarter. Americafirst Capital Management LLC bought a new position in shares of Qualcomm during the second quarter worth approximately $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 last quarter. 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 last quarter. 78.05% of the stock is currently owned by institutional investors.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded down 2.03% during mid-day trading on Monday, hitting $67.11. The company had a trading volume of 10,153,594 shares. The stock’s 50-day moving average is $63.13 and its 200-day moving average is $56.47. Qualcomm Inc. has a 52-week low of $42.24 and a 52-week high of $70.40. The stock has a market cap of $98.90 billion, a price-to-earnings ratio of 19.65 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating 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 return on equity of 17.70% and a net margin of 22.64%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 earnings per share. Equities analysts forecast that Qualcomm Inc. will post $4.28 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st were issued a dividend of $0.53 per share. The ex-dividend date was Monday, August 29th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.16%. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.
A number of equities analysts recently commented on the company. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $70.00 price objective (up previously from $63.00) on shares of Qualcomm in a research report on Monday. Royal Bank Of Canada lifted their price objective on Qualcomm from $59.00 to $70.00 and gave the stock a “sector perform” rating in a research report on Monday. Vetr downgraded Qualcomm from a “buy” rating to a “hold” rating and set a $71.00 price objective on the stock. in a research report on Monday. RBC Capital Markets reiterated a “sector perform” rating and set a $70.00 price objective (up previously from $59.00) on shares of Qualcomm in a research report on Monday. Finally, Goldman Sachs Group Inc. assumed coverage on Qualcomm in a research report on Thursday, July 21st. They set a “conviction-buy” rating and a $70.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $63.98.
In related news, EVP Matthew S. Grob sold 74,000 shares of the business’s stock in a transaction that occurred on Thursday, September 29th. The stock was 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 at this hyperlink. Also, Director Raymond V. Dittamore sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $61.00, for a total value of $427,000.00. Following the sale, the director now directly owns 12,765 shares in the company, valued at approximately $778,665. The disclosure for this sale can be found here. 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.
Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qualcomm Inc. (NASDAQ:QCOM).
Receive News & Ratings for Qualcomm Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qualcomm Inc. and related companies with MarketBeat.com's FREE daily email newsletter.