AMG Funds LLC Trims Holdings in QUALCOMM, Inc. (QCOM)

AMG Funds LLC cut its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 12.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,851 shares of the wireless technology company’s stock after selling 3,425 shares during the period. QUALCOMM makes up approximately 1.3% of AMG Funds LLC’s holdings, making the stock its 17th biggest position. AMG Funds LLC’s holdings in QUALCOMM were worth $1,790,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Fox Run Management L.L.C. bought a new stake in shares of QUALCOMM in the 2nd quarter valued at approximately $247,000. Cornerstone Wealth Management LLC lifted its stake in shares of QUALCOMM by 5,406.9% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 223,249 shares of the wireless technology company’s stock valued at $3,974,000 after purchasing an additional 219,195 shares during the last quarter. Busey Trust CO lifted its stake in shares of QUALCOMM by 4.9% in the 2nd quarter. Busey Trust CO now owns 83,286 shares of the wireless technology company’s stock valued at $4,674,000 after purchasing an additional 3,909 shares during the last quarter. Squar Milner Financial Services LLC bought a new stake in shares of QUALCOMM in the 2nd quarter valued at approximately $106,000. Finally, RFG Advisory Group LLC lifted its stake in shares of QUALCOMM by 46.3% in the 2nd quarter. RFG Advisory Group LLC now owns 13,521 shares of the wireless technology company’s stock valued at $759,000 after purchasing an additional 4,282 shares during the last quarter. 89.45% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have recently weighed in on the company. BidaskClub downgraded QUALCOMM from a “hold” rating to a “sell” rating in a report on Thursday, November 8th. Canaccord Genuity reduced their price target on QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a report on Tuesday, September 25th. Morgan Stanley upgraded QUALCOMM from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 15th. ValuEngine downgraded QUALCOMM from a “buy” rating to a “hold” rating in a report on Tuesday, November 6th. Finally, Zacks Investment Research upgraded QUALCOMM from a “hold” rating to a “strong-buy” rating and set a $63.00 price target on the stock in a report on Wednesday, November 14th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. QUALCOMM presently has a consensus rating of “Buy” and an average price target of $70.44.

In other QUALCOMM 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 transaction, the executive vice president now directly owns 4,344 shares in the company, valued at approximately $275,844. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total value of $6,098,286.25. Following the transaction, the president now owns 58,045 shares in the company, valued at $3,994,076.45. The disclosure for this sale can be found here. Insiders have sold a total of 91,638 shares of company stock worth $6,302,079 over the last 90 days. 0.17% of the stock is currently owned by company insiders.

QCOM opened at $55.25 on Friday. The firm has a market cap of $67.00 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 1.36 and a beta of 1.69. QUALCOMM, Inc. has a 52 week low of $48.56 and a 52 week high of $76.50. The company has a current ratio of 1.55, a quick ratio of 1.40 and a debt-to-equity ratio of 16.56.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 7th. The wireless technology company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.70 by $0.20. The company had revenue of $5.83 billion for the quarter, compared to the consensus estimate of $5.54 billion. QUALCOMM had a positive return on equity of 26.21% and a negative net margin of 21.40%. QUALCOMM’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period last year, the business posted $0.92 EPS. On average, equities research analysts forecast that QUALCOMM, Inc. will post 3.53 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be issued 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 4.49%. QUALCOMM’s payout ratio is currently 77.74%.

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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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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