HCR Wealth Advisors Acquires New Position in QUALCOMM, Inc. (NASDAQ:QCOM)

HCR Wealth Advisors bought a new stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 12,940 shares of the wireless technology company’s stock, valued at approximately $698,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its position in shares of QUALCOMM by 9,505.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 33,612,696 shares of the wireless technology company’s stock worth $591,000 after acquiring an additional 33,262,770 shares in the last quarter. Norges Bank bought a new position in shares of QUALCOMM in the 4th quarter worth $736,806,000. Bank of New York Mellon Corp raised its position in shares of QUALCOMM by 24.1% in the 4th quarter. Bank of New York Mellon Corp now owns 25,852,938 shares of the wireless technology company’s stock worth $1,471,289,000 after acquiring an additional 5,022,323 shares in the last quarter. Levin Capital Strategies L.P. raised its position in shares of QUALCOMM by 20,837.8% in the 4th quarter. Levin Capital Strategies L.P. now owns 732,824 shares of the wireless technology company’s stock worth $41,705,000 after acquiring an additional 729,324 shares in the last quarter. Finally, Eaton Vance Management raised its position in shares of QUALCOMM by 10.3% in the 4th quarter. Eaton Vance Management now owns 7,306,885 shares of the wireless technology company’s stock worth $415,835,000 after acquiring an additional 680,397 shares in the last quarter. 76.27% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts recently issued reports on the company. Barclays upped their target price on QUALCOMM from $70.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. assumed coverage on QUALCOMM in a research report on Wednesday, March 27th. They set a “neutral” rating and a $54.00 target price on the stock. Raymond James upped their target price on QUALCOMM from $65.00 to $85.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Canaccord Genuity reissued a “buy” rating and issued a $89.00 price objective (up from $75.00) on shares of QUALCOMM in a report on Wednesday, April 17th. Finally, Mizuho reissued a “buy” rating and issued a $90.00 price objective (up from $82.00) on shares of QUALCOMM in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $79.68.

Shares of QCOM traded up $1.45 during midday trading on Monday, reaching $77.52. 14,411,018 shares of the stock were exchanged, compared to its average volume of 18,118,566. The firm has a 50-day simple moving average of $72.71. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.55 and a quick ratio of 1.39. QUALCOMM, Inc. has a twelve month low of $49.10 and a twelve month high of $90.34. The stock has a market cap of $94.24 billion, a P/E ratio of 24.30, a price-to-earnings-growth ratio of 1.68 and a beta of 1.63.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.07. The firm had revenue of $4.88 billion for the quarter, compared to analyst estimates of $4.83 billion. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. QUALCOMM’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. As a group, equities research analysts expect that QUALCOMM, Inc. will post 3.3 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Thursday, June 6th were issued a $0.62 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $2.48 annualized dividend and a yield of 3.20%. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.

In related news, President Cristiano R. Amon sold 13,466 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $60.00, for a total transaction of $807,960.00. Following the completion of the transaction, the president now owns 37,614 shares in the company, valued at $2,256,840. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Inc/De Qualcomm sold 848,877 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $34.20, for a total transaction of $29,031,593.40. Following the transaction, the insider now owns 848,877 shares of the company’s stock, valued at approximately $29,031,593.40. The disclosure for this sale can be found here. Insiders sold a total of 949,832 shares of company stock worth $37,443,538 in the last quarter. Insiders own 0.11% of the company’s stock.

QUALCOMM Company Profile

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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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