CNB Bank raised its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 25.1% during the third quarter, HoldingsChannel.com reports. The firm owned 10,507 shares of the wireless technology company’s stock after buying an additional 2,109 shares during the quarter. CNB Bank’s holdings in QUALCOMM were worth $801,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in QCOM. Jennison Associates LLC raised its holdings in shares of QUALCOMM by 996.4% in the 2nd quarter. Jennison Associates LLC now owns 15,287,530 shares of the wireless technology company’s stock worth $1,162,922,000 after purchasing an additional 13,893,238 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of QUALCOMM by 49.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 35,136,722 shares of the wireless technology company’s stock worth $2,672,850,000 after purchasing an additional 11,686,131 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of QUALCOMM by 1,405.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 11,560,171 shares of the wireless technology company’s stock worth $879,382,000 after purchasing an additional 10,792,248 shares during the period. Morgan Stanley raised its holdings in shares of QUALCOMM by 126.9% in the 2nd quarter. Morgan Stanley now owns 15,465,753 shares of the wireless technology company’s stock worth $1,176,482,000 after purchasing an additional 8,648,635 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of QUALCOMM by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 99,900,654 shares of the wireless technology company’s stock worth $7,599,444,000 after purchasing an additional 2,296,163 shares during the period. Institutional investors own 78.30% of the company’s stock.
A number of equities analysts have recently commented on the company. Canaccord Genuity raised their price objective on QUALCOMM from $87.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday. Rosenblatt Securities restated a “buy” rating and issued a $95.00 price objective on shares of QUALCOMM in a report on Thursday. Barclays downgraded QUALCOMM from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $90.00 to $75.00 in a report on Thursday, July 18th. JPMorgan Chase & Co. raised their target price on QUALCOMM from $88.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Morgan Stanley set a $89.00 target price on QUALCOMM and gave the company a “buy” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $85.18.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.07. QUALCOMM had a return on equity of 112.21% and a net margin of 13.41%. The firm had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same quarter last year, the firm earned $0.90 EPS. QUALCOMM’s quarterly revenue was down 17.2% on a year-over-year basis. Equities research analysts forecast that QUALCOMM, Inc. will post 3.29 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $2.48 dividend on an annualized basis and a yield of 2.64%. QUALCOMM’s dividend payout ratio (DPR) is presently 87.32%.
In other QUALCOMM news, Director Mark D. Mclaughlin acquired 2,705 shares of the stock in a transaction on Wednesday, August 28th. The stock was purchased at an average price of $73.84 per share, for a total transaction of $199,737.20. Following the purchase, the director now directly owns 5,220 shares in the company, valued at $385,444.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Cristiano R. Amon sold 8,611 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $80.03, for a total value of $689,138.33. Following the sale, the president now owns 50,434 shares of the company’s stock, valued at approximately $4,036,233.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,118 shares of company stock valued at $1,477,392. 0.11% of the stock is owned by insiders.
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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