LSV Asset Management reduced its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,900 shares of the wireless technology company’s stock after selling 700 shares during the period. LSV Asset Management’s holdings in QUALCOMM were worth $2,883,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Weaver Consulting Group bought a new position in shares of QUALCOMM during the first quarter worth about $25,000. Farmers National Bank bought a new position in shares of QUALCOMM during the first quarter worth about $26,000. Meridian Wealth Management LLC bought a new position in shares of QUALCOMM during the first quarter worth about $26,000. Ibex Wealth Advisors bought a new position in shares of QUALCOMM during the second quarter worth about $28,000. Finally, Mark Sheptoff Financial Planning LLC bought a new position in shares of QUALCOMM during the first quarter worth about $29,000. Hedge funds and other institutional investors own 78.73% of the company’s stock.
In related news, SVP Erin L. Polek sold 1,478 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $70.36, for a total transaction of $103,992.08. Following the transaction, the senior vice president now owns 1,386 shares in the company, valued at $97,518.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.11% of the stock is owned by company insiders.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter last year, the business earned $1.01 earnings per share. QUALCOMM’s revenue was down 12.7% compared to the same quarter last year. As a group, research analysts anticipate that QUALCOMM, Inc. will post 2.84 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $2.48 annualized dividend and a dividend yield of 3.26%. QUALCOMM’s payout ratio is currently 77.74%.
QCOM has been the topic of several research analyst reports. Barclays cut shares of QUALCOMM from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $90.00 to $75.00 in a research report on Thursday, July 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 price target on shares of QUALCOMM in a research report on Monday, July 22nd. Cfra set a $80.00 price objective on shares of QUALCOMM and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Deutsche Bank dropped their price objective on shares of QUALCOMM from $80.00 to $75.00 and set an “in-line” rating on the stock in a research note on Thursday, August 1st. Finally, Daiwa Capital Markets started coverage on shares of QUALCOMM in a research note on Thursday, July 18th. They set a “neutral” rating on the stock. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. QUALCOMM presently has a consensus rating of “Buy” and a consensus price target of $79.69.
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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