Laurel Wealth Advisors Inc. trimmed its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 62.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 108,139 shares of the wireless technology company’s stock after selling 177,852 shares during the period. QUALCOMM accounts for about 1.9% of Laurel Wealth Advisors Inc.’s investment portfolio, making the stock its 4th largest position. Laurel Wealth Advisors Inc.’s holdings in QUALCOMM were worth $7,788,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Alps Advisors Inc. raised its holdings in shares of QUALCOMM by 1.3% during the second quarter. Alps Advisors Inc. now owns 782,136 shares of the wireless technology company’s stock worth $43,893,000 after purchasing an additional 10,108 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in QUALCOMM during the second quarter valued at $756,000. R. G. Niederhoffer Capital Management Inc. acquired a new stake in QUALCOMM during the second quarter valued at $303,000. Eagle Asset Management Inc. grew its position in QUALCOMM by 99.7% during the second quarter. Eagle Asset Management Inc. now owns 17,286 shares of the wireless technology company’s stock valued at $970,000 after buying an additional 8,631 shares during the period. Finally, Trexquant Investment LP grew its position in QUALCOMM by 1,205.1% during the second quarter. Trexquant Investment LP now owns 70,842 shares of the wireless technology company’s stock valued at $3,976,000 after buying an additional 65,414 shares during the period. 89.58% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ QCOM opened at $57.62 on Monday. QUALCOMM, Inc. has a 52-week low of $48.56 and a 52-week high of $76.50. The stock has a market capitalization of $69.84 billion, a PE ratio of 18.06, a P/E/G ratio of 1.49 and a beta of 1.67. The company has a current ratio of 1.55, a quick ratio of 1.40 and a debt-to-equity ratio of 16.56.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.20. The firm had revenue of $5.83 billion for the quarter, compared to the consensus estimate of $5.54 billion. QUALCOMM had a negative net margin of 21.40% and a positive return on equity of 26.21%. The company’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same period last year, the firm posted $0.92 earnings per share. Research analysts predict that QUALCOMM, Inc. will post 3.53 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s dividend payout ratio is currently 77.74%.
In other news, EVP Alexander H. Rogers sold 853 shares of the firm’s stock in a transaction dated Monday, October 29th. The shares were sold at an average price of $63.50, for a total value of $54,165.50. Following the transaction, the executive vice president now directly owns 4,344 shares of the company’s stock, valued at $275,844. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Donald J. Rosenberg sold 9,048 shares of QUALCOMM stock in a transaction dated Thursday, December 13th. The stock was sold at an average price of $58.01, for a total transaction of $524,874.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 124,000 shares of company stock worth $8,190,283. Insiders own 0.24% of the company’s stock.
QCOM has been the topic of several analyst reports. Nomura raised their price target on shares of QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, September 4th. Canaccord Genuity raised their price target on shares of QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 23rd. Rosenblatt Securities upgraded shares of QUALCOMM from a “neutral” rating to a “buy” rating and raised their price target for the company from $56.00 to $70.00 in a research report on Monday, August 20th. BidaskClub upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a research report on Tuesday, September 18th. Finally, Tigress Financial restated a “buy” rating on shares of QUALCOMM in a research report on Friday, September 28th. Eleven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $70.44.
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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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