Qube Research & Technologies Ltd grew its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 783.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,546 shares of the wireless technology company’s stock after acquiring an additional 4,918 shares during the quarter. Qube Research & Technologies Ltd’s holdings in QUALCOMM were worth $311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in QCOM. Bank of New York Mellon Corp increased its stake in QUALCOMM by 13.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock worth $1,170,308,000 after acquiring an additional 2,463,511 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in QUALCOMM by 22.4% in the 1st quarter. Artisan Partners Limited Partnership now owns 11,014,540 shares of the wireless technology company’s stock worth $610,316,000 after acquiring an additional 2,018,241 shares during the last quarter. Millennium Management LLC increased its stake in QUALCOMM by 121.1% in the 2nd quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock worth $182,666,000 after acquiring an additional 1,782,585 shares during the last quarter. Putnam Investments LLC increased its stake in QUALCOMM by 128.4% in the 2nd quarter. Putnam Investments LLC now owns 2,506,811 shares of the wireless technology company’s stock worth $140,682,000 after acquiring an additional 1,409,034 shares during the last quarter. Finally, FIL Ltd increased its stake in QUALCOMM by 36.5% in the 1st quarter. FIL Ltd now owns 3,253,065 shares of the wireless technology company’s stock worth $180,252,000 after acquiring an additional 869,659 shares during the last quarter. 77.42% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have issued reports on QCOM. Barclays began coverage on QUALCOMM in a research note on Thursday. They issued an “overweight” rating and a $95.00 price objective on the stock. Royal Bank of Canada lifted their price objective on QUALCOMM to $77.00 and gave the stock an “outperform” rating in a research note on Friday, September 7th. Nomura lifted their price objective on QUALCOMM from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, September 4th. Macquarie raised QUALCOMM from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $65.00 to $84.00 in a research note on Tuesday, September 4th. Finally, Canaccord Genuity boosted their target price on QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 23rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $70.52.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.30. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.19 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. QUALCOMM’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.83 EPS. equities analysts expect that QUALCOMM, Inc. will post 3.11 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 26th. Shareholders of record on Wednesday, September 5th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Tuesday, September 4th. QUALCOMM’s dividend payout ratio (DPR) is presently 65.61%.
QUALCOMM declared that its Board of Directors has approved a stock buyback plan on Thursday, July 26th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to buy up to 34.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other QUALCOMM news, EVP Alexander H. Rogers sold 789 shares of the company’s stock in a transaction on Wednesday, June 27th. The stock was sold at an average price of $56.55, for a total value of $44,617.95. Following the transaction, the executive vice president now owns 7,998 shares of the company’s stock, valued at approximately $452,286.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alexander H. Rogers sold 828 shares of the company’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $63.40, for a total value of $52,495.20. Following the completion of the transaction, the executive vice president now directly owns 7,170 shares in the company, valued at approximately $454,578. The disclosure for this sale can be found here. Insiders sold a total of 2,923 shares of company stock worth $185,098 in the last ninety days. 0.17% of the stock is currently owned by corporate insiders.
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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