Comerica Securities Inc. Purchases 10,491 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)
Comerica Securities Inc. boosted its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 99.7% during the first quarter, Holdings Channel reports. The fund owned 21,018 shares of the wireless technology company’s stock after buying an additional 10,491 shares during the period. Comerica Securities Inc.’s holdings in QUALCOMM were worth $1,205,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in QCOM. American National Bank raised its stake in shares of QUALCOMM by 41.0% in the first quarter. American National Bank now owns 2,825 shares of the wireless technology company’s stock worth $162,000 after buying an additional 822 shares during the last quarter. Welch Group LLC raised its stake in shares of QUALCOMM by 2.3% in the first quarter. Welch Group LLC now owns 3,037 shares of the wireless technology company’s stock worth $174,000 after buying an additional 69 shares during the last quarter. Commonwealth Financial Services LLC raised its stake in shares of QUALCOMM by 499.5% in the first quarter. Commonwealth Financial Services LLC now owns 3,627 shares of the wireless technology company’s stock worth $205,000 after buying an additional 3,022 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of QUALCOMM during the first quarter worth approximately $218,000. Finally, Schnieders Capital Management LLC purchased a new stake in shares of QUALCOMM during the first quarter worth approximately $226,000. 76.61% of the stock is currently owned by hedge funds and other institutional investors.
QUALCOMM Incorporated (NASDAQ:QCOM) opened at 52.70 on Tuesday. The company’s 50 day moving average price is $55.44 and its 200 day moving average price is $56.02. The stock has a market cap of $77.79 billion, a PE ratio of 20.18 and a beta of 1.29. QUALCOMM Incorporated has a 12 month low of $51.05 and a 12 month high of $71.62. QUALCOMM also saw some unusual options trading on Monday. Traders acquired 21,472 put options on the company. This is an increase of approximately 152% compared to the typical volume of 8,513 put options.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter last year, the company earned $1.16 EPS. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis. Equities analysts forecast that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM’s dividend payout ratio (DPR) is presently 87.36%.
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A number of analysts have recently commented on the company. Standpoint Research raised QUALCOMM from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Friday, April 28th. Mizuho reissued a “buy” rating and set a $68.00 price target (down from $75.00) on shares of QUALCOMM in a research note on Saturday, April 22nd. BidaskClub raised QUALCOMM from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 16th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $60.00 price objective on shares of QUALCOMM in a research note on Friday, June 30th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $54.00 price objective on shares of QUALCOMM in a research note on Tuesday, May 2nd. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. QUALCOMM presently has an average rating of “Hold” and an average price target of $63.96.
In related news, President Derek K. Aberle sold 23,104 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the completion of the transaction, the president now owns 5,855 shares of the company’s stock, valued at approximately $324,249.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Derek K. Aberle sold 22,251 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $57.59, for a total value of $1,281,435.09. Following the transaction, the president now directly owns 28,959 shares of the company’s stock, valued at approximately $1,667,748.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,802 shares of company stock valued at $3,544,381. 0.24% of the stock is owned by corporate 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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