QUALCOMM, Inc. (QCOM) Position Boosted by Sowell Financial Services LLC
Sowell Financial Services LLC increased its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 18.3% in the third quarter, Holdings Channel reports. The fund owned 22,714 shares of the wireless technology company’s stock after purchasing an additional 3,517 shares during the period. Sowell Financial Services LLC’s holdings in QUALCOMM were worth $1,214,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fragasso Group Inc. grew its position in QUALCOMM by 26.2% in the 3rd quarter. Fragasso Group Inc. now owns 27,225 shares of the wireless technology company’s stock worth $1,416,000 after purchasing an additional 5,657 shares during the period. Motco grew its position in QUALCOMM by 5.7% in the 3rd quarter. Motco now owns 128,980 shares of the wireless technology company’s stock worth $6,687,000 after purchasing an additional 6,905 shares during the period. Thompson Investment Management Inc. grew its position in QUALCOMM by 4.7% in the 3rd quarter. Thompson Investment Management Inc. now owns 149,529 shares of the wireless technology company’s stock worth $7,752,000 after purchasing an additional 6,709 shares during the period. Commerce Bank grew its position in QUALCOMM by 22.1% in the 3rd quarter. Commerce Bank now owns 66,687 shares of the wireless technology company’s stock worth $3,457,000 after purchasing an additional 12,073 shares during the period. Finally, Quantbot Technologies LP bought a new stake in QUALCOMM in the 3rd quarter worth approximately $3,159,000. Institutional investors own 76.23% of the company’s stock.
A number of equities research analysts have commented on the stock. 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 research report on Monday, November 27th. Stifel Nicolaus downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating and lifted their target price for the stock from $65.00 to $75.00 in a research report on Tuesday, November 28th. Sanford C. Bernstein reaffirmed a “hold” rating on shares of QUALCOMM in a research report on Monday, November 13th. Royal Bank of Canada lifted their target price on shares of QUALCOMM from $70.00 to $77.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 14th. Finally, ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. QUALCOMM presently has a consensus rating of “Hold” and an average target price of $66.06.
QUALCOMM, Inc. (NASDAQ QCOM) opened at $65.38 on Monday. The firm has a market cap of $96,787.57, a price-to-earnings ratio of 17.30, a P/E/G ratio of 1.85 and a beta of 1.39. The company has a quick ratio of 3.81, a current ratio of 4.00 and a debt-to-equity ratio of 0.63. QUALCOMM, Inc. has a 1-year low of $48.92 and a 1-year high of $69.28.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.22. The company had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. QUALCOMM’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.28 EPS. analysts expect that QUALCOMM, Inc. will post 3.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Wednesday, February 28th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.49%. QUALCOMM’s dividend payout ratio is currently 138.18%.
In related news, EVP Matthew S. Grob sold 20,000 shares of the company’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $60.44, for a total value of $1,208,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alexander H. Rogers sold 874 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $68.52, for a total transaction of $59,886.48. Following the completion of the transaction, the executive vice president now directly owns 12,035 shares of the company’s stock, valued at approximately $824,638.20. The disclosure for this sale can be found here. Insiders sold a total of 72,989 shares of company stock valued at $4,678,794 in the last ninety days. 0.24% of the stock is currently owned by insiders.
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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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