Fmr LLC lessened its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 19.5% during the first quarter, Holdings Channel reports. The institutional investor owned 33,866,719 shares of the wireless technology company’s stock after selling 8,213,032 shares during the quarter. Fmr LLC’s holdings in QUALCOMM were worth $1,931,420,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. ACG Wealth lifted its stake in QUALCOMM by 2.6% in the first quarter. ACG Wealth now owns 7,749 shares of the wireless technology company’s stock valued at $442,000 after purchasing an additional 197 shares during the last quarter. Conning Inc. raised its holdings in QUALCOMM by 5.7% during the 1st quarter. Conning Inc. now owns 826,550 shares of the wireless technology company’s stock valued at $47,138,000 after acquiring an additional 44,907 shares during the period. World Asset Management Inc raised its holdings in QUALCOMM by 18.5% during the 1st quarter. World Asset Management Inc now owns 91,562 shares of the wireless technology company’s stock valued at $5,222,000 after acquiring an additional 14,322 shares during the period. Epstein & White Financial LLC raised its holdings in QUALCOMM by 34.4% during the 4th quarter. Epstein & White Financial LLC now owns 9,752 shares of the wireless technology company’s stock valued at $555,000 after acquiring an additional 2,495 shares during the period. Finally, Regent Investment Management LLC raised its holdings in QUALCOMM by 12.5% during the 1st quarter. Regent Investment Management LLC now owns 4,492 shares of the wireless technology company’s stock valued at $256,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 76.27% of the company’s stock.
A number of equities research analysts have issued reports on the stock. Barclays lowered their target price on shares of QUALCOMM from $100.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday, June 6th. Macquarie set a $90.00 target price on shares of QUALCOMM and gave the company a “buy” rating in a report on Thursday, May 23rd. Bank of America dropped coverage on shares of QUALCOMM in a report on Thursday, May 23rd. Cfra set a $80.00 target price on shares of QUALCOMM and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, Deutsche Bank cut shares of QUALCOMM from a “buy” rating to a “hold” rating and lowered their target price for the company from $98.00 to $74.00 in a report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. QUALCOMM has an average rating of “Buy” and a consensus target price of $79.68.
Shares of QUALCOMM stock traded up $0.84 during trading on Monday, hitting $69.57. The stock had a trading volume of 2,010,113 shares, compared to its average volume of 17,643,270. The stock has a market cap of $83.54 billion, a P/E ratio of 21.81, a PEG ratio of 1.52 and a beta of 1.59. QUALCOMM, Inc. has a 12 month low of $49.10 and a 12 month high of $90.34. The company has a debt-to-equity ratio of 3.98, a quick ratio of 1.39 and a current ratio of 1.55.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.07. The firm had revenue of $4.88 billion for the quarter, compared to analysts’ expectations of $4.83 billion. QUALCOMM had a net margin of 11.57% and a return on equity of 56.69%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 earnings per share. Sell-side analysts predict that QUALCOMM, Inc. will post 3.31 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 6th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $2.48 dividend on an annualized basis and a yield of 3.57%. QUALCOMM’s dividend payout ratio is presently 77.74%.
In related news, SVP Erin L. Polek sold 6,118 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $89.26, for a total value of $546,092.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Clark T. Jr. Randt sold 2,000 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $89.58, for a total value of $179,160.00. The disclosure for this sale can be found here. In the last three months, insiders sold 949,832 shares of company stock worth $37,443,538. 0.11% of the stock is owned by insiders.
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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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