QUALCOMM, Inc. (QCOM) Shares Sold by Livingston Group Asset Management CO operating as Southport Capital Management
Livingston Group Asset Management CO operating as Southport Capital Management cut its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 87.3% during the third quarter, Holdings Channel reports. The institutional investor owned 4,860 shares of the wireless technology company’s stock after selling 33,400 shares during the quarter. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in QUALCOMM were worth $350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Moneta Group Investment Advisors LLC boosted its holdings in QUALCOMM by 9,686.8% in the second quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock valued at $105,000 after purchasing an additional 73,523 shares during the last quarter. Squar Milner Financial Services LLC purchased a new stake in QUALCOMM in the second quarter valued at $106,000. Kiley Juergens Wealth Management LLC boosted its holdings in QUALCOMM by 1,760.0% in the third quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock valued at $133,000 after purchasing an additional 1,760 shares during the last quarter. Point72 Asia Hong Kong Ltd boosted its holdings 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 purchasing an additional 1,891 shares during the last quarter. Finally, Private Capital Group LLC boosted its holdings 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 purchasing an additional 1,284 shares during the last quarter. 77.39% of the stock is currently owned by hedge funds and other institutional investors.
In related news, President Cristiano R. Amon sold 88,625 shares of the company’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the transaction, the president now owns 58,045 shares in the company, valued at approximately $3,994,076.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 828 shares of the company’s 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 transaction, the executive vice president now owns 7,170 shares of the company’s stock, valued at approximately $454,578. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,613 shares of company stock worth $6,300,408. Corporate insiders own 0.24% of the company’s stock.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.30. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The business had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the prior year, the company posted $0.83 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Sell-side analysts forecast that QUALCOMM, Inc. will post 3.12 earnings per share for the current fiscal year.
QUALCOMM declared that its board has authorized a stock repurchase program on Thursday, July 26th that authorizes the company to buyback $30.00 billion in shares. This buyback authorization authorizes the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
Several equities research analysts have commented on the stock. Canaccord Genuity lowered their price target on shares of QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a report on Tuesday, September 25th. Cowen upped their price target on shares of QUALCOMM from $58.00 to $64.00 and gave the company a “market perform” rating in a report on Thursday, July 26th. BidaskClub raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Deutsche Bank upped their price target on shares of QUALCOMM to $60.00 and gave the company a “hold” rating in a report on Monday, July 23rd. Finally, Stifel Nicolaus upped their price target on shares of QUALCOMM from $54.00 to $58.00 and gave the company a “hold” rating in a report on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $71.12.
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.
Featured Story: How to Calculate Compound Annual Growth Rate (CAGR)
Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QUALCOMM, Inc. (NASDAQ:QCOM).
Receive News & Ratings for QUALCOMM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for QUALCOMM and related companies with MarketBeat.com's FREE daily email newsletter.