Hexavest Inc. Sells 40,230 Shares of QUALCOMM Incorporated (QCOM)
Hexavest Inc. lessened its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,182,637 shares of the wireless technology company’s stock after selling 40,230 shares during the quarter. Hexavest Inc. owned approximately 0.08% of QUALCOMM worth $65,305,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Jacobi Capital Management LLC boosted its position in shares of QUALCOMM by 10.8% during the 1st quarter. Jacobi Capital Management LLC now owns 2,567 shares of the wireless technology company’s stock valued at $145,000 after acquiring an additional 250 shares during the last quarter. Welch Group LLC boosted its position in shares of QUALCOMM by 2.3% during the 1st quarter. Welch Group LLC now owns 3,037 shares of the wireless technology company’s stock valued at $174,000 after acquiring an additional 69 shares during the last quarter. American National Bank boosted its position in shares of QUALCOMM by 28.7% during the 2nd quarter. American National Bank now owns 3,637 shares of the wireless technology company’s stock valued at $201,000 after acquiring an additional 812 shares during the last quarter. Commonwealth Financial Services LLC boosted its position in shares of QUALCOMM by 499.5% during the 1st quarter. Commonwealth Financial Services LLC now owns 3,627 shares of the wireless technology company’s stock valued at $205,000 after acquiring an additional 3,022 shares during the last quarter. Finally, Good Life Advisors LLC acquired a new position in shares of QUALCOMM during the 1st quarter valued at about $225,000. 77.03% of the stock is currently owned by institutional investors.
Shares of QUALCOMM Incorporated (NASDAQ:QCOM) traded up 1.38% on Friday, hitting $52.19. The stock had a trading volume of 13,177,887 shares. QUALCOMM Incorporated has a 12-month low of $48.92 and a 12-month high of $71.62. The company’s 50-day moving average price is $52.11 and its 200 day moving average price is $55.07. The firm has a market cap of $77.04 billion, a P/E ratio of 19.99 and a beta of 1.29.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.02. The business had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The company’s revenue was down 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.16 earnings per share. On average, equities research analysts forecast that QUALCOMM Incorporated will post $4.16 earnings per share for the current fiscal year.
The company 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 $0.57 dividend. The ex-dividend date is Monday, August 28th. This represents a $2.28 annualized dividend and a dividend yield of 4.37%. QUALCOMM’s dividend payout ratio (DPR) is 87.36%.
In other news, EVP Michelle M. Sterling sold 4,740 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Derek K. Aberle sold 23,104 shares of the business’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $55.38, for a total value of $1,279,499.52. Following the sale, the president now directly owns 5,855 shares in the company, valued at $324,249.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,995 shares of company stock valued at $1,587,390. Insiders own 0.17% of the company’s stock.
Several brokerages have recently weighed in on QCOM. Wells Fargo & Company reissued an “outperform” rating on shares of QUALCOMM in a research report on Tuesday, June 27th. Northland Securities cut shares of QUALCOMM from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $75.00 to $62.50 in a research report on Wednesday, June 28th. ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $55.00 target price on shares of QUALCOMM in a research report on Thursday, August 24th. Finally, William Blair reaffirmed a “market perform” rating on shares of QUALCOMM in a research report on Tuesday, September 5th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. QUALCOMM has a consensus rating of “Hold” and an average price target of $63.96.
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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