Stone Ridge Asset Management LLC Purchases 2,351 Shares of QUALCOMM, Inc. (QCOM)
Stone Ridge Asset Management LLC increased its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 27.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,801 shares of the wireless technology company’s stock after buying an additional 2,351 shares during the quarter. Stone Ridge Asset Management LLC’s holdings in QUALCOMM were worth $778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in QCOM. Xact Kapitalforvaltning AB grew its position in QUALCOMM by 3.3% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 289,045 shares of the wireless technology company’s stock worth $16,221,000 after purchasing an additional 9,299 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of QUALCOMM during the 2nd quarter worth about $247,000. Epstein & White Financial LLC lifted its holdings in shares of QUALCOMM by 78.6% during the 2nd quarter. Epstein & White Financial LLC now owns 7,819 shares of the wireless technology company’s stock worth $438,000 after acquiring an additional 3,440 shares during the period. Cornerstone Wealth Management LLC lifted its holdings in shares of QUALCOMM by 5,406.9% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 223,249 shares of the wireless technology company’s stock worth $3,974,000 after acquiring an additional 219,195 shares during the period. Finally, Whittier Trust Co. lifted its holdings in QUALCOMM by 156.6% during the 2nd quarter. Whittier Trust Co. now owns 111,214 shares of the wireless technology company’s stock valued at $8,808,000 after purchasing an additional 67,866 shares during the last quarter. Institutional investors own 89.45% of the company’s stock.
Several brokerages recently issued reports on QCOM. Rosenblatt Securities raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and lifted their price target for the company from $56.00 to $70.00 in a report on Monday, August 20th. Cowen lifted 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. KeyCorp lifted their price target on shares of QUALCOMM from $65.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, July 26th. Finally, BMO Capital Markets lifted their price target on shares of QUALCOMM to $64.00 and gave the company a “market perform” rating in a report on Thursday, July 26th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $70.44.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.70 by $0.20. QUALCOMM had a negative net margin of 21.40% and a positive return on equity of 26.21%. The company had revenue of $5.83 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the company earned $0.92 EPS. QUALCOMM’s revenue was down 2.1% on a year-over-year basis. On average, equities research analysts anticipate that QUALCOMM, Inc. will post 3.53 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s dividend payout ratio is 77.74%.
QUALCOMM declared that its Board of Directors has initiated a share buyback plan on Thursday, July 26th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, President Cristiano R. Amon sold 88,625 shares of the business’s stock in a transaction that occurred on 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 $3,994,076.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 854 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $72.18, for a total transaction of $61,641.72. Following the transaction, the executive vice president now owns 5,197 shares of the company’s stock, valued at approximately $375,119.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 91,638 shares of company stock valued at $6,302,079. 0.24% of the stock is owned by corporate insiders.
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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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