Patriot Wealth Management Inc. increased its stake in Qualcomm Inc. (NASDAQ:QCOM) by 2.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,016 shares of the wireless technology company’s stock after buying an additional 1,853 shares during the period. Patriot Wealth Management Inc.’s holdings in Qualcomm were worth $4,233,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. First Republic Investment Management Inc. boosted its position in shares of Qualcomm by 3.4% in the first quarter. First Republic Investment Management Inc. now owns 844,615 shares of the wireless technology company’s stock valued at $43,194,000 after buying an additional 27,934 shares in the last quarter. Conning Inc. boosted its position in shares of Qualcomm by 4.2% in the second quarter. Conning Inc. now owns 475,737 shares of the wireless technology company’s stock valued at $25,485,000 after buying an additional 19,357 shares in the last quarter. Orbis Allan Gray Ltd acquired a new position in shares of Qualcomm during the first quarter valued at $865,645,000. Legal & General Group Plc boosted its position in shares of Qualcomm by 2.4% in the first quarter. Legal & General Group Plc now owns 7,071,165 shares of the wireless technology company’s stock valued at $361,632,000 after buying an additional 166,659 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Qualcomm by 13.2% in the first quarter. Envestnet Asset Management Inc. now owns 816,491 shares of the wireless technology company’s stock valued at $41,755,000 after buying an additional 95,268 shares in the last quarter. Hedge funds and other institutional investors own 78.05% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded down 0.64% during trading on Tuesday, hitting $66.68. The stock had a trading volume of 9,746,412 shares. The firm has a 50 day moving average price of $63.25 and a 200-day moving average price of $56.58. Qualcomm Inc. has a 52 week low of $42.24 and a 52 week high of $70.40. The stock has a market capitalization of $98.26 billion, a price-to-earnings ratio of 19.53 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data 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%. Qualcomm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the firm posted $0.99 EPS. On average, equities research analysts forecast that Qualcomm Inc. will post $4.28 EPS for the current fiscal year.
The business also recently declared 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 of this dividend was Monday, August 29th. This represents a $2.12 dividend on an annualized basis and a yield of 3.18%. Qualcomm’s dividend payout ratio (DPR) is currently 62.17%.
Several equities analysts have recently weighed in on the stock. BMO Capital Markets cut shares of Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price target for the company. in a research note on Thursday, July 14th. Mizuho raised their price target on shares of Qualcomm from $56.00 to $59.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 6th. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Qualcomm in a research note on Tuesday, September 20th. Pacific Crest raised their price target on shares of Qualcomm from $59.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, July 21st. Finally, Evercore ISI cut shares of Qualcomm from a “buy” rating to a “hold” rating and decreased their target price for the company from $60.00 to $55.00 in a research note on Friday, July 1st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $63.98.
In other Qualcomm news, Director Raymond V. Dittamore sold 18,000 shares of Qualcomm stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $68.39, for a total value of $1,231,020.00. Following the transaction, the director now directly owns 5,813 shares of the company’s stock, valued at approximately $397,551.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Matthew S. Grob sold 33,000 shares of Qualcomm stock in a transaction that occurred 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 disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.
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.