M&R Capital Management Inc. Acquires 56,313 Shares of QUALCOMM, Inc. (NASDAQ:QCOM)

M&R Capital Management Inc. grew its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 12,569.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,761 shares of the wireless technology company’s stock after purchasing an additional 56,313 shares during the quarter. QUALCOMM comprises approximately 1.7% of M&R Capital Management Inc.’s portfolio, making the stock its 16th biggest holding. M&R Capital Management Inc.’s holdings in QUALCOMM were worth $6,678,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Hexavest Inc. boosted its position in shares of QUALCOMM by 109.6% in the second quarter. Hexavest Inc. now owns 327 shares of the wireless technology company’s stock valued at $30,000 after acquiring an additional 171 shares during the period. Hoover Financial Advisors Inc. bought a new position in shares of QUALCOMM in the second quarter valued at approximately $46,000. S.A. Mason LLC boosted its position in shares of QUALCOMM by 70.4% in the second quarter. S.A. Mason LLC now owns 605 shares of the wireless technology company’s stock valued at $55,000 after acquiring an additional 250 shares during the period. Tarbox Family Office Inc. boosted its position in shares of QUALCOMM by 35.7% in the second quarter. Tarbox Family Office Inc. now owns 616 shares of the wireless technology company’s stock valued at $56,000 after acquiring an additional 162 shares during the period. Finally, Modus Advisors LLC bought a new position in shares of QUALCOMM in the second quarter valued at approximately $57,000. Hedge funds and other institutional investors own 74.79% of the company’s stock.

In other news, CFO Akash J. Palkhiwala sold 3,925 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $102.42, for a total transaction of $401,998.50. Following the completion of the sale, the chief financial officer now owns 17,790 shares of the company’s stock, valued at approximately $1,822,051.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven M. Mollenkopf sold 219,131 shares of the company’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $93.66, for a total transaction of $20,523,809.46. The disclosure for this sale can be found here. Insiders have sold a total of 223,110 shares of company stock valued at $20,931,609 in the last ninety days. Insiders own 0.12% of the company’s stock.

A number of brokerages recently weighed in on QCOM. Zacks Investment Research raised shares of QUALCOMM from a “sell” rating to a “hold” rating and set a $90.00 target price on the stock in a research note on Friday, June 12th. Morgan Stanley raised their target price on shares of QUALCOMM from $102.00 to $121.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Edward Jones raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a research note on Friday, July 31st. Sanford C. Bernstein set a $135.00 target price on shares of QUALCOMM and gave the company a “buy” rating in a research note on Tuesday, August 11th. Finally, Mizuho reaffirmed a “buy” rating and issued a $105.00 target price (up from $91.00) on shares of QUALCOMM in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $118.64.

Shares of QCOM stock traded up $1.84 during mid-day trading on Thursday, reaching $119.52. 5,311,912 shares of the company’s stock traded hands, compared to its average volume of 10,388,008. The company’s 50-day moving average price is $114.39 and its 200-day moving average price is $90.68. The company has a quick ratio of 1.67, a current ratio of 1.97 and a debt-to-equity ratio of 4.67. The company has a market cap of $134.85 billion, a P/E ratio of 50.43, a P/E/G ratio of 1.79 and a beta of 1.36. QUALCOMM, Inc. has a 12 month low of $58.00 and a 12 month high of $123.93.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.15. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The firm had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the firm earned $0.80 EPS. QUALCOMM’s quarterly revenue was down .1% compared to the same quarter last year. Equities analysts predict that QUALCOMM, Inc. will post 3.2 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 3rd were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Wednesday, September 2nd. QUALCOMM’s payout ratio is currently 91.55%.

About QUALCOMM

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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