Qualcomm Inc. (QCOM) Shares Sold by Papp L Roy & Associates
Papp L Roy & Associates reduced its stake in Qualcomm Inc. (NASDAQ:QCOM) by 9.9% during the second quarter, Holdings Channel reports. The institutional investor owned 100,175 shares of the wireless technology company’s stock after selling 10,948 shares during the period. Qualcomm comprises approximately 1.3% of Papp L Roy & Associates’ holdings, making the stock its 28th largest position. Papp L Roy & Associates’ holdings in Qualcomm were worth $5,366,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in the company. Alexandria Capital LLC raised its position in shares of Qualcomm by 20.8% in the first quarter. Alexandria Capital LLC now owns 28,191 shares of the wireless technology company’s stock worth $1,442,000 after buying an additional 4,859 shares during the period. Mn Services Vermogensbeheer B.V. purchased a new position in Qualcomm during the first quarter valued at approximately $1,691,000. VNBTrust National Association purchased a new position in Qualcomm during the first quarter valued at approximately $304,000. Aperio Group LLC increased its position in Qualcomm by 24.2% in the first quarter. Aperio Group LLC now owns 551,772 shares of the wireless technology company’s stock valued at $28,218,000 after buying an additional 107,485 shares in the last quarter. Finally, Commonwealth Equity Services Inc increased its position in Qualcomm by 11.7% in the first quarter. Commonwealth Equity Services Inc now owns 289,314 shares of the wireless technology company’s stock valued at $14,795,000 after buying an additional 30,203 shares in the last quarter. Institutional investors and hedge funds own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded down 1.72% during trading on Tuesday, reaching $66.09. The company had a trading volume of 8,615,309 shares. The stock has a market cap of $97.39 billion, a PE ratio of 19.35 and a beta of 1.25. The company has a 50-day moving average price of $63.81 and a 200 day moving average price of $57.04. Qualcomm Inc. has a 52-week low of $42.24 and a 52-week high of $70.40.
Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same period last year, the firm earned $0.99 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, analysts anticipate that Qualcomm Inc. will post $4.30 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.
Several research firms recently commented on QCOM. BMO Capital Markets downgraded 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 increased their price objective on Qualcomm from $56.00 to $59.00 and gave the company a “neutral” rating in a research note on Tuesday, September 6th. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price objective on shares of Qualcomm in a research note on Tuesday, September 20th. Pacific Crest increased their price objective on Qualcomm from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, July 21st. Finally, Evercore ISI downgraded Qualcomm from a “buy” rating to a “hold” rating and reduced their price objective for the company from $60.00 to $55.00 in a research note on Friday, July 1st. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $64.05.
In other news, President Derek K. Aberle sold 22,653 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $61.95, for a total transaction of $1,403,353.35. Following the completion of the sale, the president now directly owns 69,234 shares of the company’s stock, valued at approximately $4,289,046.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Matthew S. Grob sold 33,000 shares of the firm’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $59.85, for a total value of $1,975,050.00. The disclosure for this sale can be found here. 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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