Cornerstone Investment Partners LLC Has $1.56 Million Stake in QUALCOMM Incorporated (QCOM)
Cornerstone Investment Partners LLC decreased its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 13.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,326 shares of the wireless technology company’s stock after selling 4,430 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in QUALCOMM were worth $1,564,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stifel Financial Corp grew its stake in shares of QUALCOMM by 47.4% during the 1st quarter. Stifel Financial Corp now owns 2,932,964 shares of the wireless technology company’s stock worth $168,002,000 after purchasing an additional 943,026 shares during the period. Pacer Advisors Inc. grew its stake in shares of QUALCOMM by 18.1% during the 1st quarter. Pacer Advisors Inc. now owns 67,369 shares of the wireless technology company’s stock worth $3,863,000 after purchasing an additional 10,336 shares during the period. First Foundation Advisors grew its stake in shares of QUALCOMM by 0.6% during the 1st quarter. First Foundation Advisors now owns 269,214 shares of the wireless technology company’s stock worth $15,437,000 after purchasing an additional 1,503 shares during the period. Baxter Bros Inc. grew its stake in shares of QUALCOMM by 17.3% during the 1st quarter. Baxter Bros Inc. now owns 69,412 shares of the wireless technology company’s stock worth $3,980,000 after purchasing an additional 10,236 shares during the period. Finally, Swiss National Bank lifted its position in shares of QUALCOMM by 27.5% during the 1st quarter. Swiss National Bank now owns 5,233,165 shares of the wireless technology company’s stock valued at $300,070,000 after buying an additional 1,128,700 shares in the last quarter. 76.96% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on the company. Zacks Investment Research lowered QUALCOMM from a “hold” rating to a “sell” rating in a research report on Wednesday. Northland Securities upgraded QUALCOMM from a “market perform” rating to an “outperform” rating and set a $62.50 target price on the stock in a research report on Friday, September 15th. J P Morgan Chase & Co reiterated an “overweight” rating on shares of QUALCOMM in a research report on Wednesday, September 6th. William Blair reiterated a “market perform” rating on shares of QUALCOMM in a research report on Tuesday, September 5th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $55.00 target price on shares of QUALCOMM in a research report on Thursday, August 24th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. QUALCOMM currently has an average rating of “Hold” and a consensus target price of $63.96.
QUALCOMM Incorporated (NASDAQ:QCOM) traded up 0.12% during midday trading on Friday, reaching $52.09. The company had a trading volume of 4,105,088 shares. QUALCOMM Incorporated has a 12 month low of $48.92 and a 12 month high of $71.62. The firm’s 50-day moving average price is $52.06 and its 200 day moving average price is $54.99. The firm has a market capitalization of $76.89 billion, a PE ratio of 19.95 and a beta of 1.29.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The firm had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter last year, the firm earned $1.16 EPS. QUALCOMM’s quarterly revenue was down 11.1% on a year-over-year basis. Equities analysts anticipate that QUALCOMM Incorporated will post $4.16 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, August 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.38%. QUALCOMM’s dividend payout ratio (DPR) is presently 87.36%.
In other QUALCOMM 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 sale, the president now owns 5,855 shares in the company, valued at approximately $324,249.90. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Michelle M. Sterling sold 4,740 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $51.88, for a total value of $245,911.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,995 shares of company stock valued at $1,587,390. 0.17% of the stock is owned by insiders.
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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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