Employees Retirement System of Texas Has $45,053,000 Position in QUALCOMM, Inc. (QCOM)
Employees Retirement System of Texas lowered its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 7.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 691,000 shares of the wireless technology company’s stock after selling 55,400 shares during the period. QUALCOMM comprises about 0.6% of Employees Retirement System of Texas’ portfolio, making the stock its 26th largest position. Employees Retirement System of Texas’ holdings in QUALCOMM were worth $45,053,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of QCOM. Massey Quick & Co. LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $105,000. Orrstown Financial Services Inc. boosted its position 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 acquired a new position in shares of QUALCOMM during the third quarter worth approximately $112,000. Kelman Lazarov Inc. boosted its position 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. Finally, Tradewinds Capital Management LLC boosted its position 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. Institutional investors and hedge funds own 79.28% of the company’s stock.
QUALCOMM, Inc. (NASDAQ:QCOM) opened at 57.81 on Tuesday. The stock’s 50 day moving average is $55.89 and its 200-day moving average is $63.12. The firm has a market capitalization of $85.39 billion, a PE ratio of 17.63 and a beta of 1.31. QUALCOMM, Inc. has a 1-year low of $49.67 and a 1-year high of $71.62.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, January 25th. The wireless technology company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.01. QUALCOMM had a return on equity of 20.25% and a net margin of 20.56%. The firm had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $6.12 billion. During the same period last year, the business posted $0.97 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts forecast that QUALCOMM, Inc. will post $4.66 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 22nd. Investors of record on Wednesday, March 1st will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend is Monday, February 27th. QUALCOMM’s dividend payout ratio (DPR) is presently 64.63%.
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A number of brokerages have recently commented on QCOM. BMO Capital Markets reaffirmed a “market perform” rating and issued a $60.00 target price on shares of QUALCOMM in a report on Thursday, February 16th. Morgan Stanley cut shares of QUALCOMM from an “overweight” rating to an “equal weight” rating in a report on Tuesday, January 31st. JPMorgan Chase & Co. cut shares of QUALCOMM from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $69.34 to $70.00 in a report on Wednesday, December 14th. They noted that the move was a valuation call. Canaccord Genuity reaffirmed a “buy” rating and issued a $76.00 target price on shares of QUALCOMM in a report on Wednesday, March 8th. Finally, Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of QUALCOMM in a report on Monday, January 30th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $66.98.
In related news, EVP Alexander H. Rogers sold 8,993 shares of the firm’s stock in a transaction on Thursday, December 29th. The stock was sold at an average price of $65.50, for a total transaction of $589,041.50. Following the transaction, the executive vice president now directly owns 655 shares in the company, valued at $42,902.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anthony J. Vinciquerra acquired 1,000 shares of QUALCOMM stock in a transaction that occurred on Monday, January 30th. The shares were purchased at an average price of $53.99 per share, for a total transaction of $53,990.00. Following the completion of the purchase, the director now directly owns 1,281 shares of the company’s stock, valued at $69,161.19. The disclosure for this purchase can be found here. Insiders have sold 22,614 shares of company stock worth $1,484,029 over the last 90 days. 0.24% of the stock is currently 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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