Busey Wealth Management increased its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 17.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 150,423 shares of the wireless technology company’s stock after acquiring an additional 22,844 shares during the period. QUALCOMM comprises about 1.0% of Busey Wealth Management’s holdings, making the stock its 24th biggest position. Busey Wealth Management’s holdings in QUALCOMM were worth $19,945,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of QCOM. Norges Bank purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $1,638,769,000. BlackRock Inc. raised its holdings in QUALCOMM by 5.4% in the fourth quarter. BlackRock Inc. now owns 79,999,443 shares of the wireless technology company’s stock valued at $12,187,113,000 after acquiring an additional 4,097,822 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of QUALCOMM by 31.2% during the fourth quarter. Alliancebernstein L.P. now owns 13,277,733 shares of the wireless technology company’s stock worth $2,022,730,000 after purchasing an additional 3,158,229 shares during the period. FMR LLC raised its holdings in shares of QUALCOMM by 3.4% during the fourth quarter. FMR LLC now owns 56,956,778 shares of the wireless technology company’s stock worth $8,676,796,000 after purchasing an additional 1,855,061 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of QUALCOMM by 2,766.4% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,401,954 shares of the wireless technology company’s stock worth $213,574,000 after purchasing an additional 1,353,044 shares during the period. 74.76% of the stock is owned by institutional investors and hedge funds.
A number of analysts have weighed in on QCOM shares. Susquehanna Bancshares cut shares of QUALCOMM to a “neutral” rating and dropped their target price for the stock from $175.00 to $155.00 in a report on Monday. Evercore ISI restated an “in-line” rating and set a $150.00 price target (down previously from $195.00) on shares of QUALCOMM in a research report on Monday. Susquehanna lowered shares of QUALCOMM from a “positive” rating to a “neutral” rating and lowered their price target for the stock from $175.00 to $155.00 in a research report on Monday. KeyCorp upped their price target on shares of QUALCOMM from $175.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 6th. Finally, Mizuho upped their price target on shares of QUALCOMM from $163.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, February 4th. Thirteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $162.77.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, February 3rd. The wireless technology company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.07. QUALCOMM had a return on equity of 90.74% and a net margin of 22.09%. The firm had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.26 billion. During the same quarter in the prior year, the company posted $0.80 earnings per share. The firm’s revenue was up 62.2% on a year-over-year basis. Sell-side analysts forecast that QUALCOMM Incorporated will post 6.33 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 24th. Investors of record on Thursday, June 3rd will be issued a $0.68 dividend. The ex-dividend date is Wednesday, June 2nd. This represents a $2.72 dividend on an annualized basis and a yield of 2.02%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.65. QUALCOMM’s dividend payout ratio is currently 77.84%.
QUALCOMM Company Profile
QUALCOMM Incorporated engages in the development and commercialization of foundational technologies and products are used in mobile devices and other wireless products, including network equipment, broadband gateway equipment, consumer electronic devices, and other connected devices worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI).
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