Sabal Trust CO increased its stake in Qualcomm Inc. (NASDAQ:QCOM) by 1.4% during the second quarter, Holdings Channel reports. The fund owned 5,525 shares of the wireless technology company’s stock after buying an additional 76 shares during the period. Sabal Trust CO’s holdings in Qualcomm were worth $296,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of QCOM. CapWealth Advisors LLC increased its position 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 in the last quarter. Americafirst Capital Management LLC acquired a new position in shares of Qualcomm during the second quarter worth $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 in 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 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 0.0708% on Wednesday, hitting $66.0432. The stock had a trading volume of 5,160,815 shares. The company has a 50-day moving average of $63.90 and a 200 day moving average of $57.10. Qualcomm Inc. has a 52 week low of $42.24 and a 52 week high of $70.40. The company has a market capitalization of $97.32 billion, a price-to-earnings ratio of 19.3391 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, beating 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 company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the prior year, the company earned $0.99 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts predict that Qualcomm Inc. will post $4.30 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 annualized dividend and a yield of 3.21%. Qualcomm’s payout ratio is currently 62.17%.
A number of brokerages have recently weighed in on QCOM. BMO Capital Markets downgraded Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 target price on the stock. in a report on Thursday, July 14th. Mizuho boosted their price target on Qualcomm from $56.00 to $59.00 and gave the company a “neutral” rating in a research note on Tuesday, September 6th. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Qualcomm in a research note on Tuesday, September 20th. Pacific Crest boosted their price target on Qualcomm from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, July 21st. Finally, Evercore ISI cut Qualcomm from a “buy” rating to a “hold” rating and lowered their price target for the company from $60.00 to $55.00 in a research note on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Qualcomm presently has an average rating of “Buy” and a consensus target price of $64.20.
In other Qualcomm news, Director Raymond V. Dittamore sold 7,000 shares of the 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 transaction, the director now owns 12,765 shares in the company, valued at $778,665. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Matthew S. Grob sold 33,000 shares of the 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.
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