Qualcomm Inc. (QCOM) Stake Increased by Greatmark Investment Partners Inc.
Greatmark Investment Partners Inc. boosted its stake in Qualcomm Inc. (NASDAQ:QCOM) by 6.3% during the second quarter, Holdings Channel reports. The fund owned 105,954 shares of the wireless technology company’s stock after buying an additional 6,310 shares during the period. Qualcomm comprises 2.5% of Greatmark Investment Partners Inc.’s portfolio, making the stock its 14th largest position. Greatmark Investment Partners Inc.’s holdings in Qualcomm were worth $5,676,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. raised its position in shares of Qualcomm by 60.9% in the first quarter. Stratos Wealth Partners LTD. now owns 126,341 shares of the wireless technology company’s stock worth $6,461,000 after buying an additional 47,798 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Qualcomm by 27.7% in the first quarter. Prudential Financial Inc. now owns 3,786,590 shares of the wireless technology company’s stock worth $193,646,000 after buying an additional 820,710 shares during the last quarter. Rehmann Capital Advisory Group raised its position in shares of Qualcomm by 45.1% in the first quarter. Rehmann Capital Advisory Group now owns 9,879 shares of the wireless technology company’s stock worth $505,000 after buying an additional 3,070 shares during the last quarter. Bancorpsouth Inc. raised its position in shares of Qualcomm by 6.5% in the first quarter. Bancorpsouth Inc. now owns 33,450 shares of the wireless technology company’s stock worth $1,710,000 after buying an additional 2,047 shares during the last quarter. Finally, Allegis Investment Advisors LLC raised its position in shares of Qualcomm by 61.9% in the first quarter. Allegis Investment Advisors LLC now owns 13,240 shares of the wireless technology company’s stock worth $677,000 after buying an additional 5,061 shares during the last quarter. 78.10% of the stock is currently owned by institutional investors and hedge funds.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded down 0.47% during trading on Wednesday, reaching $65.79. The company’s stock had a trading volume of 5,409,071 shares. Qualcomm Inc. has a one year low of $42.24 and a one year high of $70.40. The firm has a market cap of $96.95 billion, a P/E ratio of 19.27 and a beta of 1.25. The stock’s 50 day moving average is $64.32 and its 200 day moving average is $57.64.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm earned $5.60 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the previous year, the company posted $0.99 earnings per share. The business’s revenue was up 2.9% on a year-over-year basis. On average, equities analysts forecast that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be given a $0.53 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 annualized dividend and a yield of 3.22%. Qualcomm’s payout ratio is currently 62.17%.
A number of research analysts have weighed in on QCOM shares. Vetr raised shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $59.08 price target on the stock in a research note on Monday, June 27th. Sanford C. Bernstein lowered shares of Qualcomm from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $53.55 to $55.00 in a research note on Thursday, June 30th. Evercore ISI lowered shares of Qualcomm from a “buy” rating to a “hold” rating and cut their price target for the company from $60.00 to $55.00 in a research note on Friday, July 1st. KeyCorp reaffirmed a “buy” rating and issued a $59.00 price target on shares of Qualcomm in a research note on Wednesday, July 6th. Finally, TheStreet lowered shares of Qualcomm from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $64.12.
In other news, Director Raymond V. Dittamore sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $61.00, for a total transaction of $427,000.00. Following the transaction, the director now directly owns 12,765 shares of the company’s stock, valued at $778,665. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Matthew S. Grob sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $62.37, for a total value of $124,740.00. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.
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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