Bp Plc increased its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 7.6% in the third quarter, Holdings Channel reports. The fund owned 183,000 shares of the wireless technology company’s stock after buying an additional 13,000 shares during the quarter. Bp Plc’s holdings in QUALCOMM were worth $13,181,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. MinichMacGregor Wealth Management LLC increased its holdings in QUALCOMM by 170.9% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock worth $134,000 after purchasing an additional 1,167 shares during the period. Kiley Juergens Wealth Management LLC increased its holdings in QUALCOMM by 1,760.0% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock worth $133,000 after purchasing an additional 1,760 shares during the period. Squar Milner Financial Services LLC purchased a new position in QUALCOMM during the 2nd quarter worth $106,000. Enterprise Financial Services Corp increased its holdings in QUALCOMM by 151.8% during the 3rd quarter. Enterprise Financial Services Corp now owns 1,992 shares of the wireless technology company’s stock worth $143,000 after purchasing an additional 1,201 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in QUALCOMM during the 3rd quarter worth $152,000. 76.93% of the stock is owned by hedge funds and other institutional investors.
In other QUALCOMM news, EVP Alexander H. Rogers sold 854 shares of QUALCOMM stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $72.18, for a total transaction of $61,641.72. Following the completion of the sale, the executive vice president now owns 5,197 shares of the company’s stock, valued at approximately $375,119.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Alexander H. Rogers sold 853 shares of QUALCOMM stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $63.50, for a total value of $54,165.50. Following the sale, the executive vice president now directly owns 4,344 shares of the company’s stock, valued at approximately $275,844. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,638 shares of company stock worth $6,302,079. 0.17% of the stock is owned by company insiders.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.20. QUALCOMM had a positive return on equity of 19.92% and a negative net margin of 21.40%. The firm had revenue of $5.83 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the business earned $0.92 EPS. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. On average, equities research analysts forecast that QUALCOMM, Inc. will post 2.8 earnings per share for the current fiscal year.
QUALCOMM announced that its Board of Directors has approved a share 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 reacquire up to 34.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 4.37%. QUALCOMM’s dividend payout ratio (DPR) is 77.74%.
A number of research analysts have recently issued reports on the company. Deutsche Bank cut their price target on QUALCOMM to $65.00 and set a “hold” rating on the stock in a report on Thursday. Stifel Nicolaus cut their price target on QUALCOMM from $62.00 to $58.00 and set a “hold” rating on the stock in a report on Thursday. Canaccord Genuity cut their price target on QUALCOMM from $86.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday. Bank of America cut their price target on QUALCOMM from $70.00 to $67.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Cowen cut their price target on QUALCOMM from $80.00 to $73.00 and set an “outperform” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. QUALCOMM presently has a consensus rating of “Hold” and an average price target of $70.86.
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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