Kiwi Wealth Investments Limited Partnership Has $2.82 Million Position in QUALCOMM, Inc. (QCOM)
Kiwi Wealth Investments Limited Partnership increased its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 159.1% during the 2nd quarter, Holdings Channel reports. The firm owned 50,270 shares of the wireless technology company’s stock after purchasing an additional 30,867 shares during the quarter. Kiwi Wealth Investments Limited Partnership’s holdings in QUALCOMM were worth $2,821,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Aristotle Capital Management LLC purchased a new position in QUALCOMM in the first quarter valued at about $105,000. Squar Milner Financial Services LLC purchased a new position in QUALCOMM in the second quarter valued at about $106,000. Institutional & Family Asset Management LLC purchased a new position in QUALCOMM in the first quarter valued at about $121,000. Point72 Asia Hong Kong Ltd boosted its stake in QUALCOMM by 318.9% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock valued at $138,000 after acquiring an additional 1,891 shares during the last quarter. Finally, Private Capital Group LLC boosted its stake in QUALCOMM by 83.2% in the first quarter. Private Capital Group LLC now owns 2,828 shares of the wireless technology company’s stock valued at $157,000 after acquiring an additional 1,284 shares during the last quarter. Institutional investors and hedge funds own 77.42% of the company’s stock.
Shares of QCOM stock opened at $70.38 on Friday. The company has a market cap of $103.37 billion, a P/E ratio of 18.62, a price-to-earnings-growth ratio of 2.08 and a beta of 1.66. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. QUALCOMM, Inc. has a 12 month low of $48.56 and a 12 month high of $71.35.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Investors of record on Wednesday, September 5th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend is Tuesday, September 4th. QUALCOMM’s payout ratio is currently 65.61%.
QUALCOMM announced that its board has authorized a share buyback program on Thursday, July 26th that permits the company to buyback $30.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
A number of research analysts have weighed in on the stock. Cowen boosted their target price on shares of QUALCOMM from $58.00 to $64.00 and gave the company a “market perform” rating in a research note on Thursday, July 26th. Rosenblatt Securities upgraded shares of QUALCOMM from a “neutral” rating to a “buy” rating and boosted their target price for the company from $56.00 to $70.00 in a research note on Monday, August 20th. Royal Bank of Canada boosted their target price on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a research note on Friday. BidaskClub upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Finally, KeyCorp boosted their target price on shares of QUALCOMM from $65.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $69.23.
In related news, EVP Alexander H. Rogers sold 789 shares of the company’s stock in a transaction that occurred on Wednesday, June 27th. The shares were sold at an average price of $56.55, for a total transaction of $44,617.95. Following the sale, the executive vice president now owns 7,998 shares of the company’s stock, valued at approximately $452,286.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alexander H. Rogers sold 828 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the sale, the executive vice president now directly owns 7,170 shares in the company, valued at approximately $454,578. The disclosure for this sale can be found here. Insiders have sold a total of 2,923 shares of company stock worth $185,098 over the last 90 days. 0.17% of the stock is currently owned by corporate insiders.
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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