Zions Bancorporation Takes $330,000 Position in QUALCOMM, Inc. (QCOM)

Zions Bancorporation acquired a new position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) in the 3rd quarter, Holdings Channel reports. The firm acquired 4,578 shares of the wireless technology company’s stock, valued at approximately $330,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fisher Asset Management LLC boosted its position in shares of QUALCOMM by 4.6% during the second quarter. Fisher Asset Management LLC now owns 775,737 shares of the wireless technology company’s stock worth $43,534,000 after buying an additional 34,193 shares during the period. Xact Kapitalforvaltning AB boosted its position in shares of QUALCOMM by 3.3% during the second quarter. Xact Kapitalforvaltning AB now owns 289,045 shares of the wireless technology company’s stock worth $16,221,000 after buying an additional 9,299 shares during the period. Bremer Trust National Association acquired a new position in shares of QUALCOMM during the second quarter worth about $983,000. Guidant Wealth Advisors boosted its position in shares of QUALCOMM by 794.7% during the second quarter. Guidant Wealth Advisors now owns 10,307 shares of the wireless technology company’s stock worth $162,000 after buying an additional 9,155 shares during the period. Finally, Hamlin Capital Management LLC boosted its position in shares of QUALCOMM by 15.3% during the second quarter. Hamlin Capital Management LLC now owns 1,521,240 shares of the wireless technology company’s stock worth $85,372,000 after buying an additional 202,230 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

QCOM opened at $57.47 on Friday. QUALCOMM, Inc. has a 52-week low of $48.56 and a 52-week high of $76.50. The stock has a market cap of $93.48 billion, a P/E ratio of 18.02, a P/E/G ratio of 1.98 and a beta of 1.69. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.20. The firm had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.54 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 earnings per share. Equities research analysts predict that QUALCOMM, Inc. will post 2.8 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 4.32%. QUALCOMM’s dividend payout ratio is 77.74%.

QUALCOMM announced that its board has initiated a stock repurchase 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 reacquire up to 34.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

QCOM has been the subject of several recent research reports. Zacks Investment Research raised 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 upped their price objective on 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 QUALCOMM from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. ValuEngine upgraded QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Finally, Rosenblatt Securities upgraded QUALCOMM from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $70.00 in a report on Monday, August 20th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. QUALCOMM currently has a consensus rating of “Hold” and an average target price of $70.86.

In other QUALCOMM news, EVP Alexander H. Rogers sold 1,306 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $67.37, for a total value of $87,985.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Cristiano R. Amon sold 88,625 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total value of $6,098,286.25. Following the completion of the sale, the president now owns 58,045 shares in the company, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. Insiders sold 91,638 shares of company stock worth $6,302,079 in the last 90 days. Corporate insiders own 0.17% of the company’s stock.

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QUALCOMM 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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