Whittier Trust Co. raised its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 1.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 87,050 shares of the wireless technology company’s stock after buying an additional 1,226 shares during the quarter. Whittier Trust Co.’s holdings in QUALCOMM were worth $6,640,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Marshall Wace LLP bought a new position in shares of QUALCOMM in the first quarter worth approximately $3,493,000. Private Trust Co. NA raised its holdings in shares of QUALCOMM by 7.5% during the second quarter. Private Trust Co. NA now owns 8,755 shares of the wireless technology company’s stock valued at $665,000 after purchasing an additional 614 shares during the last quarter. Summit Financial Group Inc. purchased a new position in shares of QUALCOMM during the second quarter valued at approximately $256,000. Swedbank purchased a new position in shares of QUALCOMM during the second quarter valued at approximately $11,656,000. Finally, Montecito Bank & Trust purchased a new position in shares of QUALCOMM during the second quarter valued at approximately $268,000. 78.47% of the stock is currently owned by institutional investors.
QCOM stock traded up $0.57 during midday trading on Monday, reaching $78.26. 973,063 shares of the company’s stock traded hands, compared to its average volume of 6,228,265. QUALCOMM, Inc. has a 52-week low of $49.10 and a 52-week high of $90.34. The stock has a market cap of $96.00 billion, a P/E ratio of 24.53, a PEG ratio of 1.88 and a beta of 1.59. The company has a current ratio of 1.77, a quick ratio of 1.61 and a debt-to-equity ratio of 2.46. The stock’s 50-day moving average is $77.21 and its 200 day moving average is $74.39.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.62 per share. The ex-dividend date is Wednesday, December 4th. This represents a $2.48 dividend on an annualized basis and a yield of 3.17%. QUALCOMM’s dividend payout ratio is currently 77.74%.
Several research analysts have recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 price objective on shares of QUALCOMM in a report on Monday, July 22nd. Canaccord Genuity set a $87.00 price objective on shares of QUALCOMM and gave the company a “buy” rating in a report on Wednesday, October 9th. DZ Bank reissued a “sell” rating on shares of QUALCOMM in a report on Friday, August 2nd. Daiwa Capital Markets assumed coverage on shares of QUALCOMM in a report on Thursday, July 18th. They set a “neutral” rating for the company. Finally, ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Monday, October 7th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $79.68.
In other news, SVP Erin L. Polek sold 1,478 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $70.36, for a total value of $103,992.08. Following the completion of the sale, the senior vice president now directly owns 1,386 shares of the company’s stock, valued at $97,518.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michelle M. Sterling sold 10,398 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $75.01, for a total transaction of $779,953.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,985 shares of company stock valued at $892,245. 0.11% of the stock is owned by corporate 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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