Stoneridge Investment Partners LLC reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 25.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,143 shares of the wireless technology company’s stock after selling 31,359 shares during the quarter. Stoneridge Investment Partners LLC’s holdings in QUALCOMM were worth $5,199,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Summit Financial Group Inc. bought a new stake in QUALCOMM during the second quarter worth $224,000. Rockland Trust Co. raised its position in QUALCOMM by 3.7% during the second quarter. Rockland Trust Co. now owns 31,839 shares of the wireless technology company’s stock worth $1,758,000 after acquiring an additional 1,130 shares in the last quarter. Legacy Capital Partners Inc. raised its position in QUALCOMM by 35.3% during the second quarter. Legacy Capital Partners Inc. now owns 39,420 shares of the wireless technology company’s stock worth $2,177,000 after acquiring an additional 10,280 shares in the last quarter. Global X Management Co. LLC raised its position in QUALCOMM by 15.4% during the second quarter. Global X Management Co. LLC now owns 28,716 shares of the wireless technology company’s stock worth $1,586,000 after acquiring an additional 3,824 shares in the last quarter. Finally, SignalPoint Asset Management LLC raised its position in QUALCOMM by 1.3% during the second quarter. SignalPoint Asset Management LLC now owns 17,523 shares of the wireless technology company’s stock worth $968,000 after acquiring an additional 233 shares in the last quarter. 76.92% of the stock is currently owned by hedge funds and other institutional investors.
QUALCOMM Incorporated (NASDAQ QCOM) opened at 52.49 on Monday. The company has a 50 day moving average of $51.68 and a 200 day moving average of $54.47. QUALCOMM Incorporated has a 1-year low of $48.92 and a 1-year high of $71.62. The firm has a market capitalization of $77.48 billion, a P/E ratio of 20.10 and a beta of 1.28.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The business had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same period in the previous year, the business posted $1.16 EPS. The firm’s quarterly revenue was down 11.1% compared to the same quarter last year. On average, equities research analysts anticipate that QUALCOMM Incorporated will post $4.16 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date was Monday, August 28th. QUALCOMM’s dividend payout ratio is currently 87.36%.
QCOM has been the topic of several analyst reports. William Blair reaffirmed a “market perform” rating on shares of QUALCOMM in a research report on Tuesday, September 5th. Northland Securities raised shares of QUALCOMM from a “market perform” rating to an “outperform” rating and set a $62.50 price objective on the stock in a research report on Friday, September 15th. J P Morgan Chase & Co reissued an “overweight” rating on shares of QUALCOMM in a research report on Wednesday, September 6th. Deutsche Bank AG dropped their price objective on shares of QUALCOMM from $62.00 to $60.00 and set a “hold” rating on the stock in a research report on Thursday, July 20th. Finally, Morgan Stanley increased their price objective on shares of QUALCOMM from $55.00 to $60.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $63.60.
In other news, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 5,810 shares of company stock worth $301,596 over the last 90 days. 0.24% of the stock is currently owned by company insiders.
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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