Orbis Allan Gray Ltd Has $1,110,218,000 Stake in QUALCOMM Incorporated (QCOM)
Orbis Allan Gray Ltd cut its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 9.7% during the third quarter, Holdings Channel reports. The fund owned 16,207,559 shares of the wireless technology company’s stock after selling 1,738,213 shares during the period. QUALCOMM accounts for about 7.8% of Orbis Allan Gray Ltd’s holdings, making the stock its 2nd largest position. Orbis Allan Gray Ltd’s holdings in QUALCOMM were worth $1,110,218,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the stock. Orrstown Financial Services Inc. boosted its stake in shares of QUALCOMM by 53.2% in the third quarter. Orrstown Financial Services Inc. now owns 1,627 shares of the wireless technology company’s stock worth $111,000 after buying an additional 565 shares during the last quarter. Edmond DE Rothschild Monaco bought a new stake in shares of QUALCOMM during the third quarter worth about $112,000. Kelman Lazarov Inc. boosted its stake in shares of QUALCOMM by 6.1% in the third quarter. Kelman Lazarov Inc. now owns 1,735 shares of the wireless technology company’s stock worth $116,000 after buying an additional 100 shares during the last quarter. Tradewinds Capital Management LLC boosted its stake in shares of QUALCOMM by 4.8% in the third quarter. Tradewinds Capital Management LLC now owns 1,785 shares of the wireless technology company’s stock worth $122,000 after buying an additional 81 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in shares of QUALCOMM by 94.0% in the third quarter. Penserra Capital Management LLC now owns 1,911 shares of the wireless technology company’s stock worth $129,000 after buying an additional 926 shares during the last quarter. 79.28% of the stock is owned by institutional investors and hedge funds.
Shares of QUALCOMM Incorporated (NASDAQ:QCOM) opened at 56.88 on Friday. The stock has a 50 day moving average price of $59.14 and a 200-day moving average price of $63.81. QUALCOMM Incorporated has a 52 week low of $48.76 and a 52 week high of $71.62. The firm has a market capitalization of $84.01 billion, a price-to-earnings ratio of 17.35 and a beta of 1.31.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, January 25th. The wireless technology company reported $1.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.01. The business earned $5.99 billion during the quarter, compared to the consensus estimate of $6.12 billion. QUALCOMM had a return on equity of 20.25% and a net margin of 20.56%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.97 EPS. On average, equities research analysts forecast that QUALCOMM Incorporated will post $4.67 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 22nd. Investors of record on Wednesday, March 1st will be paid a $0.53 dividend. The ex-dividend date is Monday, February 27th. This represents a $2.12 annualized dividend and a yield of 3.73%. QUALCOMM’s dividend payout ratio (DPR) is presently 64.63%.
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A number of equities research analysts have issued reports on the company. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of QUALCOMM in a research report on Thursday. BMO Capital Markets reaffirmed a “market perform” rating and set a $60.00 target price on shares of QUALCOMM in a research report on Thursday. Sanford C. Bernstein set a $65.00 target price on QUALCOMM and gave the stock a “hold” rating in a research report on Tuesday, February 7th. Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 target price on shares of QUALCOMM in a research report on Tuesday, February 7th. Finally, Morgan Stanley cut QUALCOMM from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, January 31st. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. QUALCOMM presently has a consensus rating of “Hold” and a consensus price target of $67.66.
In related news, EVP Michelle M. Sterling sold 9,810 shares of the business’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $66.53, for a total value of $652,659.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Derek K. Aberle sold 14,990 shares of the business’s stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $66.69, for a total value of $999,683.10. Following the completion of the sale, the president now owns 17,274 shares of the company’s stock, valued at $1,152,003.06. The disclosure for this sale can be found here. Insiders sold a total of 60,758 shares of company stock valued at $4,050,326 over the last 90 days. 0.24% of the stock is currently owned by corporate insiders.
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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