Deprince Race & Zollo Inc. lowered its stake in shares of Qualcomm Inc. (NASDAQ:QCOM) by 6.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 719,052 shares of the wireless technology company’s stock after selling 53,050 shares during the period. Deprince Race & Zollo Inc.’s holdings in Qualcomm were worth $38,520,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Orbis Allan Gray Ltd bought a new position in Qualcomm during the first quarter valued at approximately $865,645,000. Bank of Montreal Can acquired a new position in shares of Qualcomm during the second quarter worth approximately $87,048,000. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Qualcomm by 410.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,894,139 shares of the wireless technology company’s stock worth $96,866,000 after buying an additional 1,523,303 shares during the last quarter. Douglas Lane & Associates LLC acquired a new position in shares of Qualcomm during the first quarter worth approximately $60,469,000. Finally, Loomis Sayles & Co. L P increased its position in shares of Qualcomm by 7.7% in the first quarter. Loomis Sayles & Co. L P now owns 14,010,095 shares of the wireless technology company’s stock worth $716,476,000 after buying an additional 1,003,767 shares during the last quarter. 78.05% of the stock is owned by institutional investors and hedge funds.
Qualcomm Inc. (NASDAQ:QCOM) traded up 0.96% during trading on Friday, reaching $68.19. 8,398,099 shares of the company were exchanged. Qualcomm Inc. has a 12 month low of $42.24 and a 12 month high of $70.40. The stock has a 50 day moving average price of $63.68 and a 200 day moving average price of $56.84. The firm has a market capitalization of $100.49 billion, a PE ratio of 19.97 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.19. The firm earned $5.60 billion during the quarter, compared to analysts’ expectations of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. Qualcomm’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 EPS. On average, analysts expect that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be paid 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 dividend payout ratio is currently 62.17%.
A number of research analysts recently commented on the stock. Argus reaffirmed a “buy” rating and issued a $73.00 price target (up previously from $70.00) on shares of Qualcomm in a report on Friday, September 30th. BMO Capital Markets reaffirmed an “underperform” rating and issued a $53.00 price target on shares of Qualcomm in a report on Sunday, October 2nd. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $70.00 price target (up previously from $63.00) on shares of Qualcomm in a report on Monday, October 3rd. Royal Bank Of Canada increased their price target on shares of Qualcomm from $59.00 to $70.00 and gave the company a “sector perform” rating in a report on Monday, October 3rd. Finally, Vetr downgraded shares of Qualcomm from a “buy” rating to a “hold” rating and set a $71.00 price target for the company. in a report on Monday, October 3rd. One equities research analyst has rated the stock with a sell rating, seventeen 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 an average target price of $64.05.
In other news, President Derek K. Aberle sold 15,000 shares of the firm’s stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $63.55, for a total value of $953,250.00. Following the completion of the sale, the president now owns 33,631 shares in the company, valued at approximately $2,137,250.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Derek K. Aberle sold 22,653 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was 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 of the company’s stock, valued at approximately $4,289,046.30. 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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