Burke & Herbert Bank & Trust Co. Acquires 1,615 Shares of Qualcomm Inc. (QCOM)
Burke & Herbert Bank & Trust Co. increased its position in Qualcomm Inc. (NASDAQ:QCOM) by 25.9% during the second quarter, Holdings Channel reports. The fund owned 7,858 shares of the wireless technology company’s stock after buying an additional 1,615 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Qualcomm were worth $420,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of QCOM. Orbis Allan Gray Ltd bought a new stake in shares of Qualcomm during the first quarter worth approximately $865,645,000. Bank of Montreal Can acquired a new position in Qualcomm during the second quarter worth $87,048,000. Los Angeles Capital Management & Equity Research Inc. raised its position in Qualcomm by 410.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,894,139 shares of the wireless technology company’s stock worth $96,866,000 after buying an additional 1,523,303 shares during the period. Loomis Sayles & Co. L P raised its position in Qualcomm by 7.7% in the first quarter. Loomis Sayles & Co. L P now owns 14,010,095 shares of the wireless technology company’s stock worth $716,476,000 after buying an additional 1,003,767 shares during the period. Finally, AMF Pensionsforsakring AB raised its position in Qualcomm by 119.9% in the first quarter. AMF Pensionsforsakring AB now owns 1,610,706 shares of the wireless technology company’s stock worth $82,372,000 after buying an additional 878,363 shares during the period. Institutional investors and hedge funds own 78.05% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded down 1.72% on Tuesday, hitting $66.09. The stock had a trading volume of 8,615,309 shares. The company’s 50 day moving average is $63.81 and its 200 day moving average is $57.04. The stock has a market cap of $97.39 billion, a PE ratio of 19.35 and a beta of 1.25. Qualcomm Inc. has a one year low of $42.24 and a one year high of $70.40.
Qualcomm (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The business earned $5.60 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts predict that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 annualized dividend and a yield of 3.21%. Qualcomm’s dividend payout ratio is currently 62.17%.
A number of equities analysts have recently weighed in on the company. BMO Capital Markets lowered Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price objective for the company. in a research note on Thursday, July 14th. Mizuho upped their price objective on Qualcomm from $56.00 to $59.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Qualcomm in a research note on Tuesday, September 20th. Pacific Crest upped their price objective on Qualcomm from $59.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, July 21st. Finally, Evercore ISI lowered Qualcomm from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $60.00 to $55.00 in a research note on Friday, July 1st. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. Qualcomm presently has an average rating of “Buy” and a consensus price target of $64.05.
In related news, EVP Matthew S. Grob sold 33,000 shares of the stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $59.85, for a total transaction of $1,975,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Matthew S. Grob sold 2,000 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $68.18, for a total transaction of $136,360.00. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.
Qualcomm Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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