Seven Eight Capital LP Purchases 121,900 Shares of QUALCOMM, Inc. (QCOM)

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Seven Eight Capital LP increased its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 109.6% during the third quarter, Holdings Channel reports. The institutional investor owned 233,095 shares of the wireless technology company’s stock after purchasing an additional 121,900 shares during the period. QUALCOMM accounts for 1.0% of Seven Eight Capital LP’s investment portfolio, making the stock its 2nd largest holding. Seven Eight Capital LP’s holdings in QUALCOMM were worth $16,790,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of QCOM. Telemus Capital LLC boosted its position in QUALCOMM by 8.7% during the second quarter. Telemus Capital LLC now owns 9,860 shares of the wireless technology company’s stock worth $553,000 after purchasing an additional 787 shares during the period. Ascension Asset Management LLC boosted its position in QUALCOMM by 3.2% during the second quarter. Ascension Asset Management LLC now owns 25,542 shares of the wireless technology company’s stock worth $1,433,000 after purchasing an additional 800 shares during the period. Accurate Investment Solutions Inc. boosted its position in QUALCOMM by 1.3% during the third quarter. Accurate Investment Solutions Inc. now owns 62,870 shares of the wireless technology company’s stock worth $4,529,000 after purchasing an additional 804 shares during the period. KCM Investment Advisors LLC boosted its position in QUALCOMM by 7.8% during the second quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock worth $624,000 after purchasing an additional 808 shares during the period. Finally, Bradley Foster & Sargent Inc. CT boosted its position in QUALCOMM by 2.9% during the second quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock worth $1,670,000 after purchasing an additional 825 shares during the period. Institutional investors and hedge funds own 77.56% of the company’s stock.

In related news, EVP Alexander H. Rogers sold 1,306 shares of the company’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $67.37, for a total transaction of $87,985.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Cristiano R. Amon sold 88,625 shares of the company’s stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the sale, the president now directly owns 58,045 shares of the company’s stock, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. Insiders have sold 91,613 shares of company stock valued at $6,300,408 in the last ninety days. 0.17% of the stock is currently owned by company insiders.

Shares of QUALCOMM stock opened at $65.36 on Friday. The stock has a market capitalization of $95.71 billion, a PE ratio of 20.05, a price-to-earnings-growth ratio of 2.14 and a beta of 1.67. QUALCOMM, Inc. has a 52-week low of $48.56 and a 52-week high of $76.50. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.30. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.19 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. QUALCOMM’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.83 earnings per share. As a group, analysts anticipate that QUALCOMM, Inc. will post 3.12 earnings per share for the current year.

QUALCOMM announced that its board has authorized a stock buyback program on Thursday, July 26th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the wireless technology company to buy up to 34.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

A number of equities analysts have commented on QCOM shares. Zacks Investment Research raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a research report on Monday, July 30th. Canaccord Genuity lifted their price objective on shares of QUALCOMM from $75.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, July 26th. Summit Insights raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Finally, Rosenblatt Securities raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and boosted their target price for the company from $56.00 to $70.00 in a research report on Monday, August 20th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $71.12.

QUALCOMM Company Profile

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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