First Citizens Bank & Trust Co. trimmed its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 45.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,217 shares of the wireless technology company’s stock after selling 9,995 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in QUALCOMM were worth $1,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also modified their holdings of QCOM. Vanguard Group Inc. boosted its holdings in QUALCOMM by 5.9% in the second quarter. Vanguard Group Inc. now owns 104,166,567 shares of the wireless technology company’s stock worth $9,501,032,000 after purchasing an additional 5,845,242 shares in the last quarter. FIL Ltd lifted its position in QUALCOMM by 380.4% during the 2nd quarter. FIL Ltd now owns 2,805,760 shares of the wireless technology company’s stock worth $255,913,000 after acquiring an additional 2,221,716 shares during the last quarter. Nuveen Asset Management LLC lifted its position in QUALCOMM by 24.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 9,535,939 shares of the wireless technology company’s stock worth $869,773,000 after acquiring an additional 1,870,075 shares during the last quarter. Public Investment Fund acquired a new position in QUALCOMM during the 1st quarter worth $77,798,000. Finally, Two Sigma Advisers LP lifted its position in QUALCOMM by 216.8% during the 2nd quarter. Two Sigma Advisers LP now owns 1,571,687 shares of the wireless technology company’s stock worth $143,354,000 after acquiring an additional 1,075,500 shares during the last quarter. 74.79% of the stock is currently owned by hedge funds and other institutional investors.
In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,925 shares of the business’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $102.42, for a total value of $401,998.50. Following the completion of the transaction, the chief financial officer now directly owns 17,790 shares of the company’s stock, valued at $1,822,051.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Cristiano R. Amon sold 20,530 shares of the business’s stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $130.60, for a total transaction of $2,681,218.00. Following the sale, the president now directly owns 50,753 shares of the company’s stock, valued at $6,628,341.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,720 shares of company stock valued at $5,348,451. Insiders own 0.12% of the company’s stock.
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, topping the Zacks’ consensus estimate of $0.71 by $0.15. QUALCOMM had a net margin of 13.72% and a return on equity of 78.39%. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the firm posted $0.80 earnings per share. The company’s revenue was down .1% on a year-over-year basis. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 3.2 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, December 3rd will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Wednesday, December 2nd. QUALCOMM’s dividend payout ratio is presently 91.55%.
A number of research analysts have recently commented on the stock. Royal Bank of Canada upped their price objective on shares of QUALCOMM from $81.00 to $106.00 and gave the company a “sector perform” rating in a research report on Thursday, July 30th. They noted that the move was a valuation call. Sanford C. Bernstein set a $135.00 price objective on shares of QUALCOMM and gave the company a “buy” rating in a research report on Tuesday, August 11th. Barclays upped their price objective on shares of QUALCOMM from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 29th. Rosenblatt Securities upped their price objective on shares of QUALCOMM from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Edward Jones raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a research report on Friday, July 31st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $121.58.
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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