Clear Perspective Advisors LLC acquired a new stake in QUALCOMM Incorporated (NASDAQ:QCOM) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,444 shares of the wireless technology company’s stock, valued at approximately $206,000.
Several other institutional investors also recently made changes to their positions in the stock. JNBA Financial Advisors raised its position in shares of QUALCOMM by 0.6% in the 2nd quarter. JNBA Financial Advisors now owns 11,556 shares of the wireless technology company’s stock valued at $1,652,000 after purchasing an additional 70 shares during the last quarter. Sentinel Trust Co. LBA raised its position in shares of QUALCOMM by 1.1% in the 2nd quarter. Sentinel Trust Co. LBA now owns 6,177 shares of the wireless technology company’s stock valued at $883,000 after purchasing an additional 70 shares during the last quarter. Iowa State Bank increased its holdings in QUALCOMM by 0.4% in the 2nd quarter. Iowa State Bank now owns 17,367 shares of the wireless technology company’s stock worth $2,482,000 after buying an additional 75 shares during the period. Winch Advisory Services LLC increased its holdings in QUALCOMM by 15.7% in the 2nd quarter. Winch Advisory Services LLC now owns 552 shares of the wireless technology company’s stock worth $79,000 after buying an additional 75 shares during the period. Finally, Roberts Glore & Co. Inc. IL increased its holdings in QUALCOMM by 3.2% in the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 2,415 shares of the wireless technology company’s stock worth $345,000 after buying an additional 75 shares during the period. 71.77% of the stock is owned by hedge funds and other institutional investors.
QCOM stock traded up $3.16 during midday trading on Thursday, reaching $128.20. The stock had a trading volume of 280,261 shares, compared to its average volume of 8,759,255. The company’s fifty day simple moving average is $138.59 and its 200 day simple moving average is $137.67. The company has a current ratio of 1.72, a quick ratio of 1.45 and a debt-to-equity ratio of 1.67. The company has a market cap of $144.61 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 0.94 and a beta of 1.29. QUALCOMM Incorporated has a 52-week low of $121.05 and a 52-week high of $167.94.
QUALCOMM declared that its board has approved a stock repurchase program on Tuesday, October 12th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to buy up to 7.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 16th. Stockholders of record on Thursday, December 2nd will be issued a dividend of $0.68 per share. The ex-dividend date of this dividend is Wednesday, December 1st. This represents a $2.72 annualized dividend and a dividend yield of 2.12%. QUALCOMM’s dividend payout ratio is presently 81.44%.
Several equities analysts recently weighed in on the stock. The Goldman Sachs Group upgraded shares of QUALCOMM from a “sell” rating to a “neutral” rating and increased their price target for the stock from $136.00 to $148.00 in a report on Monday, July 19th. Wells Fargo & Company cut their price target on shares of QUALCOMM from $155.00 to $138.00 and set an “equal weight” rating on the stock in a report on Tuesday. Susquehanna Bancshares reiterated a “hold” rating and issued a $157.00 price target on shares of QUALCOMM in a report on Thursday, July 29th. Zacks Investment Research downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $135.00 price target on the stock. in a report on Monday, October 4th. Finally, Jefferies Financial Group began coverage on shares of QUALCOMM in a report on Friday, October 1st. They issued a “hold” rating and a $137.00 price target on the stock. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $167.35.
QUALCOMM Company Profile
QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.
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