Iberiabank Corp Invests $403,000 in QUALCOMM, Inc. (QCOM) Stock
Iberiabank Corp acquired a new position in QUALCOMM, Inc. (NASDAQ:QCOM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,600 shares of the wireless technology company’s stock, valued at approximately $403,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its holdings in QUALCOMM by 13.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock worth $1,170,308,000 after acquiring an additional 2,463,511 shares during the last quarter. Parnassus Investments CA increased its holdings in QUALCOMM by 3.6% in the 2nd quarter. Parnassus Investments CA now owns 10,150,000 shares of the wireless technology company’s stock worth $569,618,000 after acquiring an additional 350,000 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in QUALCOMM by 3.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 9,687,604 shares of the wireless technology company’s stock worth $543,669,000 after acquiring an additional 323,005 shares during the last quarter. Waddell & Reed Financial Inc. increased its holdings in QUALCOMM by 18.8% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock worth $282,280,000 after acquiring an additional 794,924 shares during the last quarter. Finally, Swiss National Bank increased its holdings in QUALCOMM by 3.5% in the 2nd quarter. Swiss National Bank now owns 4,894,065 shares of the wireless technology company’s stock worth $274,655,000 after acquiring an additional 164,400 shares during the last quarter. 77.39% of the stock is owned by institutional investors.
QCOM has been the subject of several recent research reports. Canaccord Genuity lifted their price objective on QUALCOMM from $81.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 23rd. Cowen raised QUALCOMM from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $64.00 to $80.00 in a report on Monday, August 6th. Nomura lifted their price objective on QUALCOMM from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, September 4th. Royal Bank of Canada lifted their target price on QUALCOMM to $77.00 and gave the company an “outperform” rating in a report on Friday, September 7th. Finally, Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and lifted their target price for the company from $56.00 to $70.00 in a report on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fifteen have given a buy rating to the company. QUALCOMM has an average rating of “Buy” and an average target price of $71.12.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.30. The firm had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.19 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the company posted $0.83 EPS. Sell-side analysts expect that QUALCOMM, Inc. will post 3.12 EPS for the current fiscal year.
QUALCOMM announced that its Board of Directors has initiated a share buyback plan on Thursday, July 26th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, EVP Alexander H. Rogers sold 828 shares of QUALCOMM stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the completion of the sale, the executive vice president now owns 7,170 shares in the company, valued at approximately $454,578. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Cristiano R. Amon sold 88,625 shares of QUALCOMM stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total value of $6,098,286.25. Following the sale, the president now owns 58,045 shares of the company’s stock, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. In the last quarter, insiders have sold 91,613 shares of company stock valued at $6,300,408. Corporate insiders own 0.24% of the company’s stock.
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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