Convergence Investment Partners LLC Acquires 1,974 Shares of QUALCOMM, Inc. (NASDAQ:QCOM)

Convergence Investment Partners LLC raised its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 5.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,591 shares of the wireless technology company’s stock after purchasing an additional 1,974 shares during the period. QUALCOMM makes up approximately 1.2% of Convergence Investment Partners LLC’s holdings, making the stock its 17th largest holding. Convergence Investment Partners LLC’s holdings in QUALCOMM were worth $3,429,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Community Bank N.A. increased its holdings in shares of QUALCOMM by 50.4% in the second quarter. Community Bank N.A. now owns 12,902 shares of the wireless technology company’s stock worth $1,177,000 after buying an additional 4,326 shares during the period. Washington Trust Bank increased its holdings in shares of QUALCOMM by 22.8% in the second quarter. Washington Trust Bank now owns 4,194 shares of the wireless technology company’s stock worth $382,000 after buying an additional 780 shares during the period. Mitchell Capital Management Co. increased its holdings in shares of QUALCOMM by 46.5% in the second quarter. Mitchell Capital Management Co. now owns 35,785 shares of the wireless technology company’s stock worth $3,264,000 after buying an additional 11,356 shares during the period. State of Michigan Retirement System increased its holdings in shares of QUALCOMM by 124.3% in the second quarter. State of Michigan Retirement System now owns 587,274 shares of the wireless technology company’s stock worth $53,565,000 after buying an additional 325,503 shares during the period. Finally, Avestar Capital LLC increased its holdings in shares of QUALCOMM by 10.2% in the second quarter. Avestar Capital LLC now owns 14,568 shares of the wireless technology company’s stock worth $1,329,000 after buying an additional 1,344 shares during the period. Institutional investors and hedge funds own 74.50% of the company’s stock.

QCOM traded down $1.58 during mid-day trading on Friday, reaching $105.61. 16,770,274 shares of the company traded hands, compared to its average volume of 8,403,357. The stock has a market capitalization of $120.94 billion, a P/E ratio of 44.56, a P/E/G ratio of 1.98 and a beta of 1.34. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 4.67. The company’s fifty day moving average price is $90.67 and its 200-day moving average price is $82.54. QUALCOMM, Inc. has a 52-week low of $58.00 and a 52-week high of $107.75.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.15. The business had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.80 billion. QUALCOMM had a net margin of 13.72% and a return on equity of 78.39%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 EPS. As a group, sell-side analysts forecast that QUALCOMM, Inc. will post 3.08 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.65 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $2.60 dividend on an annualized basis and a yield of 2.46%. QUALCOMM’s dividend payout ratio is presently 91.55%.

QCOM has been the topic of several analyst reports. Charter Equity reiterated a “hold” rating on shares of QUALCOMM in a report on Thursday, April 30th. Morgan Stanley lifted their price objective on QUALCOMM from $102.00 to $121.00 and gave the company an “overweight” rating in a research report on Thursday. Wells Fargo & Co lifted their price objective on QUALCOMM from $70.00 to $90.00 in a research report on Thursday. Goldman Sachs Group cut QUALCOMM from a “neutral” rating to a “sell” rating and cut their price objective for the company from $77.00 to $61.00 in a research report on Friday, April 17th. Finally, Raymond James lifted their price objective on QUALCOMM from $110.00 to $120.00 and gave the company a “strong-buy” rating in a research report on Thursday. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. QUALCOMM presently has an average rating of “Buy” and an average price target of $106.36.

In other news, CAO Erin L. Polek sold 1,646 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $79.47, for a total value of $130,807.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Donald J. Rosenberg sold 11,038 shares of the company’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $87.68, for a total value of $967,811.84. Following the completion of the sale, the executive vice president now owns 3,591 shares of the company’s stock, valued at $314,858.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 235,740 shares of company stock valued at $22,024,427. Company insiders own 0.12% of the company’s stock.

About QUALCOMM

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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