Livingston Group Asset Management CO operating as Southport Capital Management reduced its position in Qualcomm Inc. (NASDAQ:QCOM) by 54.5% during the second quarter, Holdings Channel reports. The institutional investor owned 3,973 shares of the wireless technology company’s stock after selling 4,763 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Qualcomm were worth $213,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of QCOM. State Street Corp boosted its position in Qualcomm by 0.8% in the first quarter. State Street Corp now owns 60,697,939 shares of the wireless technology company’s stock worth $3,104,087,000 after buying an additional 468,777 shares in the last quarter. Orbis Allan Gray Ltd acquired a new position in Qualcomm during the first quarter worth approximately $865,645,000. BlackRock Group LTD boosted its position in Qualcomm by 0.4% in the first quarter. BlackRock Group LTD now owns 16,858,032 shares of the wireless technology company’s stock worth $862,119,000 after buying an additional 58,969 shares in the last quarter. Primecap Management Co. CA boosted its position in Qualcomm by 1.1% in the first quarter. Primecap Management Co. CA now owns 16,330,925 shares of the wireless technology company’s stock worth $835,164,000 after buying an additional 176,080 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Qualcomm by 4.6% in the first quarter. Geode Capital Management LLC now owns 14,063,913 shares of the wireless technology company’s stock worth $717,970,000 after buying an additional 615,948 shares in the last quarter. Institutional investors own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded up 0.96% during midday trading on Friday, hitting $68.19. 8,398,099 shares of the stock traded hands. The company has a market cap of $100.49 billion, a PE ratio of 19.97 and a beta of 1.25. The company’s 50-day moving average is $63.68 and its 200-day moving average is $56.84. Qualcomm Inc. has a one year low of $42.24 and a one year high of $70.40.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data 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 company earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 earnings per share. Equities research analysts expect that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s payout ratio is 62.17%.
A number of research firms have recently commented on QCOM. Goldman Sachs Group Inc. began coverage on Qualcomm in a research note on Thursday, July 21st. They set a “conviction-buy” rating and a $70.00 target price on the stock. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $70.00 target price (up previously from $63.00) on shares of Qualcomm in a research note on Monday, October 3rd. BMO Capital Markets cut Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 target price on the stock. in a research note on Thursday, July 14th. Standpoint Research cut Qualcomm from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Qualcomm in a research note on Wednesday, June 15th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $63.98.
In related news, President Derek K. Aberle sold 22,653 shares of the firm’s 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 directly owns 69,234 shares of the company’s stock, valued at approximately $4,289,046.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Raymond V. Dittamore sold 7,000 shares of the firm’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $61.00, for a total transaction of $427,000.00. Following the transaction, the director now directly owns 12,765 shares of the company’s stock, valued at $778,665. The disclosure for this sale can be found here. Corporate 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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