State Street Corp Cuts Stake in QUALCOMM Incorporated (QCOM)
State Street Corp cut its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 5.2% during the first quarter, Holdings Channel reports. The institutional investor owned 64,036,438 shares of the wireless technology company’s stock after selling 3,494,733 shares during the period. State Street Corp’s holdings in QUALCOMM were worth $3,671,847,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in QCOM. American National Bank boosted 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 period. Welch Group LLC boosted 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 period. Commonwealth Financial Services LLC boosted 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 period. Fox Run Management L.L.C. acquired a new stake in shares of QUALCOMM during the first quarter worth about $218,000. Finally, Good Life Advisors LLC acquired a new stake in shares of QUALCOMM during the first quarter worth about $225,000. 76.61% of the stock is owned by institutional investors and hedge funds.
Shares of QUALCOMM Incorporated (NASDAQ:QCOM) traded up 0.52% during mid-day trading on Friday, hitting $52.61. 1,547,324 shares of the stock were exchanged. The stock’s 50 day moving average is $54.58 and its 200-day moving average is $55.62. QUALCOMM Incorporated has a 12 month low of $51.05 and a 12 month high of $71.62. The stock has a market cap of $77.66 billion, a PE ratio of 20.15 and a beta of 1.29.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the prior year, the company posted $1.16 earnings per share. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. On average, analysts anticipate that QUALCOMM Incorporated will post $4.16 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th will be issued a dividend of $0.57 per share. The ex-dividend date is Monday, August 28th. This represents a $2.28 annualized dividend and a dividend yield of 4.36%. QUALCOMM’s dividend payout ratio (DPR) is currently 87.36%.
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A number of brokerages have recently issued reports on QCOM. Standpoint Research raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Friday, April 28th. Mizuho reaffirmed a “buy” rating and issued a $68.00 price objective (down previously from $75.00) on shares of QUALCOMM in a research note on Saturday, April 22nd. BidaskClub raised shares of 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. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. QUALCOMM currently has an average rating of “Hold” and a consensus price target of $63.96.
In other news, President Derek K. Aberle sold 22,251 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $57.59, for a total transaction of $1,281,435.09. Following the transaction, the president now owns 28,959 shares in the company, valued at $1,667,748.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Alexander H. Rogers sold 470 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $57.28, for a total transaction of $26,921.60. Following the transaction, the executive vice president now owns 3,049 shares in the company, valued at approximately $174,646.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,101 shares of company stock worth $2,955,612. Corporate insiders own 0.17% of the company’s stock.
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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