Berkeley Capital Partners LLC lessened its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 27.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,167 shares of the wireless technology company’s stock after selling 3,874 shares during the quarter. QUALCOMM makes up about 0.6% of Berkeley Capital Partners LLC’s investment portfolio, making the stock its 25th largest holding. Berkeley Capital Partners LLC’s holdings in QUALCOMM were worth $927,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Community Bank N.A. lifted its stake in shares of QUALCOMM by 50.4% in the 2nd quarter. Community Bank N.A. now owns 12,902 shares of the wireless technology company’s stock valued at $1,177,000 after purchasing an additional 4,326 shares during the period. Washington Trust Bank lifted its stake in shares of QUALCOMM by 22.8% in the 2nd quarter. Washington Trust Bank now owns 4,194 shares of the wireless technology company’s stock valued at $382,000 after purchasing an additional 780 shares during the period. Mitchell Capital Management Co. lifted its stake in shares of QUALCOMM by 46.5% in the 2nd quarter. Mitchell Capital Management Co. now owns 35,785 shares of the wireless technology company’s stock valued at $3,264,000 after purchasing an additional 11,356 shares during the period. State of Michigan Retirement System lifted its stake in shares of QUALCOMM by 124.3% in the 2nd quarter. State of Michigan Retirement System now owns 587,274 shares of the wireless technology company’s stock valued at $53,565,000 after purchasing an additional 325,503 shares during the period. Finally, Avestar Capital LLC raised its stake in QUALCOMM by 10.2% during the second quarter. Avestar Capital LLC now owns 14,568 shares of the wireless technology company’s stock valued at $1,329,000 after buying an additional 1,344 shares during the last quarter. Institutional investors own 74.50% of the company’s stock.
QCOM has been the subject of a number of recent research reports. UBS Group lifted their price objective on QUALCOMM from $70.00 to $77.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Charter Equity reiterated a “hold” rating on shares of QUALCOMM in a research note on Thursday, April 30th. Royal Bank of Canada lifted their price objective on QUALCOMM from $81.00 to $106.00 and gave the company a “sector perform” rating in a research note on Thursday. They noted that the move was a valuation call. BidaskClub cut QUALCOMM from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Mizuho restated a “buy” rating and issued a $105.00 price target (up previously from $91.00) on shares of QUALCOMM in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $106.36.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.15. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The business had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the company posted $0.80 earnings per share. QUALCOMM’s revenue for the quarter was down .1% on a year-over-year basis. Equities analysts predict that QUALCOMM, Inc. will post 3.08 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 3rd will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Wednesday, September 2nd. QUALCOMM’s dividend payout ratio is presently 91.55%.
In other news, CEO Steven M. Mollenkopf sold 219,131 shares of the company’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $93.66, for a total value of $20,523,809.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Erin L. Polek sold 1,646 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $79.47, for a total value of $130,807.62. The disclosure for this sale can be found here. Insiders have sold 235,740 shares of company stock valued at $22,024,427 in the last three months. 0.12% of the stock is currently 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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