Summit Financial Group Inc. purchased a new stake in QUALCOMM Incorporated (NASDAQ:QCOM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,048 shares of the wireless technology company’s stock, valued at approximately $224,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stifel Financial Corp raised its position in shares of QUALCOMM by 47.4% in the first quarter. Stifel Financial Corp now owns 2,932,964 shares of the wireless technology company’s stock valued at $168,002,000 after buying an additional 943,026 shares in the last quarter. Private Asset Management Inc. raised its position in QUALCOMM by 0.5% during the second quarter. Private Asset Management Inc. now owns 736,973 shares of the wireless technology company’s stock valued at $40,696,000 after purchasing an additional 4,028 shares in the last quarter. Pacer Advisors Inc. raised its position in QUALCOMM by 18.1% during the first quarter. Pacer Advisors Inc. now owns 67,369 shares of the wireless technology company’s stock valued at $3,863,000 after purchasing an additional 10,336 shares in the last quarter. First Foundation Advisors raised its position in QUALCOMM by 0.6% during the first quarter. First Foundation Advisors now owns 269,214 shares of the wireless technology company’s stock valued at $15,437,000 after purchasing an additional 1,503 shares in the last quarter. Finally, Swiss National Bank raised its position in QUALCOMM by 27.5% during the first quarter. Swiss National Bank now owns 5,233,165 shares of the wireless technology company’s stock valued at $300,070,000 after purchasing an additional 1,128,700 shares in the last quarter. Institutional investors own 76.97% of the company’s stock.
Shares of QUALCOMM Incorporated (NASDAQ:QCOM) opened at 52.49 on Friday. The firm’s 50-day moving average is $51.68 and its 200-day moving average is $54.47. QUALCOMM Incorporated has a 12 month low of $48.92 and a 12 month high of $71.62. The company has a market cap of $77.48 billion, a PE ratio of 20.10 and a beta of 1.28.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.16 EPS. On average, equities research analysts predict that QUALCOMM Incorporated will post $4.16 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date was Monday, August 28th. QUALCOMM’s payout ratio is 87.36%.
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In other news, President Derek K. Aberle sold 23,104 shares of QUALCOMM stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the sale, the president now owns 5,855 shares of the company’s stock, valued at approximately $324,249.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michelle M. Sterling sold 4,740 shares of QUALCOMM stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The disclosure for this sale can be found here. Insiders have sold a total of 28,914 shares of company stock worth $1,581,095 in the last ninety days. Insiders own 0.17% of the company’s stock.
Several brokerages have commented on QCOM. ValuEngine downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Deutsche Bank AG began coverage on shares of QUALCOMM in a research report on Monday, June 19th. They set a “hold” rating and a $62.00 price objective for the company. Susquehanna Bancshares Inc restated a “positive” rating and set a $67.00 price objective (up from $61.00) on shares of QUALCOMM in a research report on Sunday, June 18th. BidaskClub upgraded shares of QUALCOMM from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 16th. Finally, Sanford C. Bernstein restated a “hold” rating on shares of QUALCOMM in a research report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $63.60.
QUALCOMM Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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