Evergreen Capital Management LLC boosted its stake in Qualcomm Inc. (NASDAQ:QCOM) by 15.6% during the second quarter, Holdings Channel reports. The firm owned 5,925 shares of the wireless technology company’s stock after buying an additional 800 shares during the period. Evergreen Capital Management LLC’s holdings in Qualcomm were worth $317,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in QCOM. Wilbanks Smith & Thomas Asset Management LLC boosted its position in Qualcomm by 15.3% in the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 12,037 shares of the wireless technology company’s stock worth $616,000 after buying an additional 1,598 shares during the last quarter. IMS Capital Management boosted its position in Qualcomm by 125.3% in the first quarter. IMS Capital Management now owns 27,785 shares of the wireless technology company’s stock worth $1,421,000 after buying an additional 15,450 shares during the last quarter. Douglas Lane & Associates LLC bought a new position in Qualcomm during the first quarter worth $60,469,000. Bellecapital International Ltd. bought a new position in Qualcomm during the first quarter worth $258,000. Finally, First Manhattan Co. boosted its position in Qualcomm by 33.6% in the first quarter. First Manhattan Co. now owns 104,657 shares of the wireless technology company’s stock worth $5,352,000 after buying an additional 26,326 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 1.05% during trading on Thursday, reaching $67.54. 12,957,165 shares of the company’s stock traded hands. The company has a 50 day moving average price of $63.54 and a 200-day moving average price of $56.73. Qualcomm Inc. has a one year low of $42.24 and a one year high of $70.40. The stock has a market cap of $99.53 billion, a P/E ratio of 19.78 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The business had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the previous year, the firm earned $0.99 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts expect that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.14%. Qualcomm’s dividend payout ratio is presently 62.17%.
QCOM has been the topic of a number of research analyst reports. Vetr upgraded shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $71.00 target price on the stock in a research note on Monday, September 26th. Zacks Investment Research cut shares of Qualcomm from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. BMO Capital Markets restated an “underperform” rating and set a $53.00 price target on shares of Qualcomm in a research note on Sunday. Standpoint Research upgraded shares of Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a research note on Thursday, August 25th. Finally, Cowen and Company upped their price target on shares of Qualcomm from $62.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, September 30th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $63.98.
In related news, EVP Matthew S. Grob sold 33,000 shares of the firm’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $59.85, for a total transaction of $1,975,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Matthew S. Grob sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $68.18, for a total value of $136,360.00. 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.
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