First Long Island Investors LLC grew its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 10.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 279,727 shares of the wireless technology company’s stock after buying an additional 25,730 shares during the period. QUALCOMM accounts for about 2.6% of First Long Island Investors LLC’s holdings, making the stock its 11th biggest holding. First Long Island Investors LLC’s holdings in QUALCOMM were worth $20,149,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of QCOM. Xact Kapitalforvaltning AB boosted its holdings in shares of QUALCOMM by 3.3% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 289,045 shares of the wireless technology company’s stock valued at $16,221,000 after purchasing an additional 9,299 shares in the last quarter. NN Investment Partners Holdings N.V. boosted its holdings in shares of QUALCOMM by 5.7% in the 2nd quarter. NN Investment Partners Holdings N.V. now owns 911,350 shares of the wireless technology company’s stock valued at $51,146,000 after purchasing an additional 49,331 shares in the last quarter. Covenant Asset Management LLC boosted its holdings in shares of QUALCOMM by 8.4% in the 2nd quarter. Covenant Asset Management LLC now owns 25,772 shares of the wireless technology company’s stock valued at $1,446,000 after purchasing an additional 2,000 shares in the last quarter. Guardian Investment Management acquired a new stake in shares of QUALCOMM in the 2nd quarter valued at $678,000. Finally, Bristol Advisors LLC boosted its holdings in shares of QUALCOMM by 48.8% in the 2nd quarter. Bristol Advisors LLC now owns 84,100 shares of the wireless technology company’s stock valued at $4,720,000 after purchasing an additional 27,600 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.
A number of brokerages have weighed in on QCOM. Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and raised their target price for the company from $56.00 to $70.00 in a report on Monday, August 20th. Cowen raised their target price on QUALCOMM from $58.00 to $64.00 and gave the company a “market perform” rating in a report on Thursday, July 26th. BidaskClub raised QUALCOMM from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. KeyCorp raised their target price on QUALCOMM from $65.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, July 26th. Finally, BMO Capital Markets raised their target price on QUALCOMM to $64.00 and gave the company a “market perform” rating in a report on Thursday, July 26th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $70.86.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.20. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company had revenue of $5.83 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the company earned $0.92 EPS. QUALCOMM’s revenue was down 2.1% compared to the same quarter last year. As a group, analysts expect that QUALCOMM, Inc. will post 2.8 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 4.37%. The ex-dividend date is Wednesday, December 5th. QUALCOMM’s dividend payout ratio is currently 77.74%.
QUALCOMM declared that its Board of Directors has initiated a stock buyback program on Thursday, July 26th that authorizes the company to buyback $30.00 billion in shares. This buyback authorization authorizes the wireless technology company to repurchase up to 34.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Alexander H. Rogers sold 853 shares of the firm’s stock in a transaction on Monday, October 29th. The stock was sold at an average price of $63.50, for a total transaction of $54,165.50. Following the completion of the transaction, the executive vice president now directly owns 4,344 shares of the company’s stock, valued at approximately $275,844. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 854 shares of the firm’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total value of $61,641.72. Following the transaction, the executive vice president now directly owns 5,197 shares of the company’s stock, valued at $375,119.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 91,638 shares of company stock valued at $6,302,079. 0.17% of the stock is 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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