Wrapmanager Inc. bought a new position in QUALCOMM, Inc. (NASDAQ:QCOM) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,057 shares of the wireless technology company’s stock, valued at approximately $207,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $1,044,613,000. Renaissance Technologies LLC increased its stake in shares of QUALCOMM by 346.1% in the 4th quarter. Renaissance Technologies LLC now owns 5,756,507 shares of the wireless technology company’s stock worth $507,897,000 after purchasing an additional 4,466,107 shares in the last quarter. Janus Henderson Group PLC increased its stake in QUALCOMM by 238.9% in the 4th quarter. Janus Henderson Group PLC now owns 4,558,447 shares of the wireless technology company’s stock worth $402,193,000 after buying an additional 3,213,243 shares in the last quarter. Alliancebernstein L.P. increased its stake in QUALCOMM by 110.4% in the 4th quarter. Alliancebernstein L.P. now owns 5,969,697 shares of the wireless technology company’s stock worth $526,706,000 after buying an additional 3,132,675 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in QUALCOMM by 31.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,178,776 shares of the wireless technology company’s stock worth $417,994,000 after buying an additional 1,467,770 shares in the last quarter. 76.65% of the stock is currently owned by institutional investors.
A number of brokerages have issued reports on QCOM. Deutsche Bank upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Friday, March 27th. Morgan Stanley increased their price target on QUALCOMM from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Cowen increased their price target on QUALCOMM from $100.00 to $105.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Canaccord Genuity reiterated a “buy” rating and issued a $102.00 price target on shares of QUALCOMM in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price target on QUALCOMM from $94.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $88.57.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, April 29th. The wireless technology company reported $0.88 EPS for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.09. The business had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.04 billion. QUALCOMM had a net margin of 16.36% and a return on equity of 69.92%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the company posted $0.77 earnings per share. As a group, equities analysts forecast that QUALCOMM, Inc. will post 3.08 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Wednesday, June 3rd. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.62. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.30%. QUALCOMM’s dividend payout ratio (DPR) is 87.32%.
In related news, CAO Erin L. Polek sold 1,646 shares of QUALCOMM stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $79.47, for a total transaction of $130,807.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.12% 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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