Cullinan Associates Inc. Trims Stake in QUALCOMM, Inc. (QCOM)
Cullinan Associates Inc. lowered its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 3.2% in the 2nd quarter, Holdings Channel reports. The firm owned 125,535 shares of the wireless technology company’s stock after selling 4,100 shares during the quarter. Cullinan Associates Inc.’s holdings in QUALCOMM were worth $7,045,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Truewealth LLC purchased a new stake in shares of QUALCOMM during the 4th quarter valued at about $102,000. We Are One Seven LLC purchased a new stake in shares of QUALCOMM during the 4th quarter valued at about $119,000. Gradient Investments LLC purchased a new stake in shares of QUALCOMM during the 4th quarter valued at about $120,000. Aristotle Capital Management LLC purchased a new stake in shares of QUALCOMM during the 1st quarter valued at about $105,000. Finally, Institutional & Family Asset Management LLC purchased a new stake in shares of QUALCOMM during the 1st quarter valued at about $121,000. 76.91% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on QCOM shares. Citigroup started coverage on shares of QUALCOMM in a report on Thursday, April 12th. They issued a “neutral” rating and a $58.00 target price for the company. Morgan Stanley started coverage on shares of QUALCOMM in a report on Monday, March 19th. They issued an “underweight” rating and a $55.00 target price for the company. Stifel Nicolaus reissued a “hold” rating and issued a $56.00 target price on shares of QUALCOMM in a report on Thursday, April 19th. Zacks Investment Research lowered shares of QUALCOMM from a “hold” rating to a “sell” rating in a report on Monday, April 30th. Finally, BidaskClub raised shares of QUALCOMM from a “strong sell” rating to a “sell” rating in a report on Monday, May 14th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $63.91.
Shares of NASDAQ QCOM traded up $0.20 during midday trading on Monday, reaching $58.04. 4,569,195 shares of the stock traded hands, compared to its average volume of 11,402,312. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.46 and a current ratio of 3.60. The company has a market capitalization of $85.77 billion, a P/E ratio of 15.28, a P/E/G ratio of 1.86 and a beta of 1.51. QUALCOMM, Inc. has a one year low of $48.56 and a one year high of $69.28.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.10. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.21 billion. QUALCOMM had a positive return on equity of 16.48% and a negative net margin of 20.16%. The company’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.34 EPS. equities analysts predict that QUALCOMM, Inc. will post 2.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 20th. Stockholders of record on Wednesday, May 30th were given a dividend of $0.62 per share. This is an increase from QUALCOMM’s previous quarterly dividend of $0.57. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date was Tuesday, May 29th. QUALCOMM’s dividend payout ratio is currently 65.61%.
QUALCOMM announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 9th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the wireless technology company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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