Tower Bridge Advisors Trims Position in QUALCOMM, Inc. (QCOM)
Tower Bridge Advisors cut its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 1.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 180,191 shares of the wireless technology company’s stock after selling 2,650 shares during the period. Tower Bridge Advisors’ holdings in QUALCOMM were worth $9,341,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. FMR LLC raised its holdings in shares of QUALCOMM by 16.5% in the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock valued at $4,446,786,000 after buying an additional 11,387,347 shares during the last quarter. Veritas Asset Management LLP purchased a new stake in shares of QUALCOMM in the second quarter valued at about $440,415,000. Capital International Investors raised its holdings in shares of QUALCOMM by 59.9% in the second quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock valued at $835,633,000 after buying an additional 5,671,176 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in shares of QUALCOMM in the second quarter valued at about $210,548,000. Finally, Parnassus Investments CA raised its holdings in shares of QUALCOMM by 62.4% in the third quarter. Parnassus Investments CA now owns 7,809,000 shares of the wireless technology company’s stock valued at $404,819,000 after buying an additional 3,000,000 shares during the last quarter. 76.20% of the stock is owned by hedge funds and other institutional investors.
QUALCOMM, Inc. (NASDAQ:QCOM) opened at $65.27 on Wednesday. The stock has a market cap of $96,220.00, a PE ratio of 39.56, a P/E/G ratio of 1.89 and a beta of 1.39. QUALCOMM, Inc. has a 1-year low of $48.92 and a 1-year high of $69.28. The company has a current ratio of 4.00, a quick ratio of 3.81 and a debt-to-equity ratio of 0.63.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.22. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The firm had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same period in the prior year, the company posted $1.28 earnings per share. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. analysts predict that QUALCOMM, Inc. will post 3.07 EPS for the current fiscal year.
In other QUALCOMM news, EVP Matthew S. Grob sold 20,000 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $60.44, for a total transaction of $1,208,800.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Alexander H. Rogers sold 874 shares of the company’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $68.52, for a total transaction of $59,886.48. Following the transaction, the executive vice president now owns 12,035 shares in the company, valued at $824,638.20. The disclosure for this sale can be found here. Insiders have sold 29,989 shares of company stock worth $1,868,744 over the last 90 days. 0.24% of the stock is currently owned by company insiders.
A number of brokerages have recently commented on QCOM. UBS Group reduced their target price on shares of QUALCOMM from $58.00 to $53.00 and set a “buy” rating for the company in a report on Monday, November 6th. Mizuho reaffirmed a “buy” rating on shares of QUALCOMM in a report on Friday, October 27th. Wells Fargo & Co cut shares of QUALCOMM from an “outperform” rating to a “market perform” rating in a report on Monday, November 6th. Royal Bank of Canada raised shares of QUALCOMM from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $55.00 to $70.00 in a report on Wednesday, November 8th. Finally, Vetr raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Monday, November 27th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $66.06.
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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