6 Meridian increased its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 128.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 313,090 shares of the wireless technology company’s stock after buying an additional 176,039 shares during the period. QUALCOMM comprises 2.3% of 6 Meridian’s investment portfolio, making the stock its 3rd largest holding. 6 Meridian’s holdings in QUALCOMM were worth $23,883,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in QCOM. Bessemer Group Inc. grew its holdings in shares of QUALCOMM by 2.5% during the second quarter. Bessemer Group Inc. now owns 9,663 shares of the wireless technology company’s stock worth $735,000 after buying an additional 233 shares in the last quarter. Cincinnati Financial Corp boosted its position in shares of QUALCOMM by 4.9% in the second quarter. Cincinnati Financial Corp now owns 957,500 shares of the wireless technology company’s stock worth $72,837,000 after acquiring an additional 45,000 shares during the last quarter. Jennison Associates LLC boosted its position in shares of QUALCOMM by 996.4% in the second quarter. Jennison Associates LLC now owns 15,287,530 shares of the wireless technology company’s stock worth $1,162,922,000 after acquiring an additional 13,893,238 shares during the last quarter. FLC Capital Advisors boosted its position in shares of QUALCOMM by 36.1% in the second quarter. FLC Capital Advisors now owns 7,540 shares of the wireless technology company’s stock worth $578,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Balasa Dinverno & Foltz LLC acquired a new stake in shares of QUALCOMM in the second quarter worth approximately $263,000. 78.47% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ QCOM opened at $78.47 on Wednesday. The company’s fifty day simple moving average is $77.28 and its 200-day simple moving average is $74.80. QUALCOMM, Inc. has a 52 week low of $49.10 and a 52 week high of $90.34. The company has a current ratio of 1.77, a quick ratio of 1.61 and a debt-to-equity ratio of 2.46. The stock has a market cap of $94.43 billion, a P/E ratio of 24.60, a PEG ratio of 1.85 and a beta of 1.59.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The business had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.12 billion. During the same period in the previous year, the company posted $1.01 earnings per share. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, research analysts expect that QUALCOMM, Inc. will post 2.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.62 per share. The ex-dividend date is Wednesday, December 4th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.16%. QUALCOMM’s payout ratio is currently 77.74%.
Several equities research analysts recently issued reports on the stock. ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Monday, October 7th. Bank of America decreased their target price on shares of QUALCOMM from $105.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Morgan Stanley set a $89.00 target price on shares of QUALCOMM and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Deutsche Bank decreased their target price on shares of QUALCOMM from $80.00 to $75.00 and set an “in-line” rating on the stock in a research report on Thursday, August 1st. Finally, Daiwa Capital Markets assumed coverage on shares of QUALCOMM in a research report on Thursday, July 18th. They issued a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. QUALCOMM currently has a consensus rating of “Buy” and an average price target of $79.68.
In related news, Director Mark D. Mclaughlin purchased 2,705 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price of $73.84 per share, for a total transaction of $199,737.20. Following the completion of the purchase, the director now owns 5,220 shares in the company, valued at $385,444.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michelle M. Sterling sold 10,398 shares of QUALCOMM stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $75.01, for a total transaction of $779,953.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,985 shares of company stock worth $892,245. Corporate insiders own 0.11% of the company’s stock.
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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