PVG Asset Management Corp decreased its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 34.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,979 shares of the wireless technology company’s stock after selling 4,775 shares during the quarter. PVG Asset Management Corp’s holdings in QUALCOMM were worth $683,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in QUALCOMM by 2.4% during the second quarter. Vanguard Group Inc. now owns 99,900,654 shares of the wireless technology company’s stock worth $7,599,444,000 after purchasing an additional 2,296,163 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of QUALCOMM by 8.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 25,383,855 shares of the wireless technology company’s stock valued at $1,930,950,000 after buying an additional 2,035,743 shares during the last quarter. Northern Trust Corp boosted its stake in shares of QUALCOMM by 1.9% during the 2nd quarter. Northern Trust Corp now owns 15,783,756 shares of the wireless technology company’s stock valued at $1,200,669,000 after buying an additional 301,087 shares during the last quarter. Jennison Associates LLC lifted its stake in QUALCOMM by 996.4% during the second quarter. Jennison Associates LLC now owns 15,287,530 shares of the wireless technology company’s stock worth $1,162,922,000 after purchasing an additional 13,893,238 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in QUALCOMM by 3.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 9,750,523 shares of the wireless technology company’s stock worth $741,723,000 after purchasing an additional 328,667 shares during the last quarter. Institutional investors and hedge funds own 78.45% of the company’s stock.
Shares of QCOM traded down $1.04 on Friday, reaching $77.19. 2,742,017 shares of the stock traded hands, compared to its average volume of 7,398,663. The firm has a market cap of $95.66 billion, a price-to-earnings ratio of 24.20, a P/E/G ratio of 2.17 and a beta of 1.59. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.77 and a quick ratio of 1.61. QUALCOMM, Inc. has a 12 month low of $49.10 and a 12 month high of $90.34. The stock’s 50-day moving average price is $74.88 and its 200-day moving average price is $71.37.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.21%. The ex-dividend date is Wednesday, September 11th. QUALCOMM’s dividend payout ratio is 77.74%.
QCOM has been the topic of a number of recent research reports. Mizuho set a $68.00 target price on QUALCOMM and gave the company a “hold” rating in a research note on Monday, August 26th. Daiwa Capital Markets initiated coverage on QUALCOMM in a research note on Thursday, July 18th. They issued a “neutral” rating on the stock. Cowen reissued an “outperform” rating and issued a $80.00 price objective (down from $100.00) on shares of QUALCOMM in a research note on Thursday, May 23rd. Goldman Sachs Group initiated coverage on QUALCOMM in a research note on Thursday, May 23rd. They issued a “neutral” rating and a $73.00 price objective on the stock. Finally, Cfra set a $80.00 price objective on QUALCOMM and gave the company a “buy” rating in a research note on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $79.68.
In other QUALCOMM news, Director Mark D. Mclaughlin acquired 2,705 shares of QUALCOMM stock in a transaction on Wednesday, August 28th. The shares were bought at an average price of $73.84 per share, with a total value of $199,737.20. Following the completion of the purchase, the director now owns 5,220 shares in the company, valued at $385,444.80. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Erin L. Polek sold 1,478 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $70.36, for a total value of $103,992.08. Following the completion of the transaction, the senior vice president now directly owns 1,386 shares in the company, valued at approximately $97,518.96. The disclosure for this sale can be found here. 0.11% of the stock is owned by insiders.
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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