Accurate Investment Solutions Inc. boosted its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 1,061.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,066 shares of the wireless technology company’s stock after acquiring an additional 56,723 shares during the period. QUALCOMM comprises approximately 2.6% of Accurate Investment Solutions Inc.’s portfolio, making the stock its 22nd largest position. Accurate Investment Solutions Inc.’s holdings in QUALCOMM were worth $3,483,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in QCOM. Puzo Michael J lifted its position in QUALCOMM by 25.8% in the fourth quarter. Puzo Michael J now owns 9,745 shares of the wireless technology company’s stock valued at $624,000 after acquiring an additional 2,000 shares during the last quarter. Greenwood Capital Associates LLC purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $2,312,000. Public Employees Retirement Association of Colorado raised its holdings in shares of QUALCOMM by 6.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 279,660 shares of the wireless technology company’s stock valued at $17,904,000 after buying an additional 17,068 shares during the last quarter. Dowling & Yahnke LLC raised its holdings in shares of QUALCOMM by 0.7% in the fourth quarter. Dowling & Yahnke LLC now owns 163,525 shares of the wireless technology company’s stock valued at $10,469,000 after buying an additional 1,077 shares during the last quarter. Finally, Raymond James Trust N.A. raised its holdings in shares of QUALCOMM by 1.0% in the fourth quarter. Raymond James Trust N.A. now owns 144,546 shares of the wireless technology company’s stock valued at $9,254,000 after buying an additional 1,476 shares during the last quarter. 76.91% of the stock is owned by hedge funds and other institutional investors.
NASDAQ QCOM traded down $1.07 during trading hours on Wednesday, hitting $57.30. 8,698,241 shares of the stock were exchanged, compared to its average volume of 11,347,374. The stock has a market capitalization of $86.07 billion, a P/E ratio of 15.16, a P/E/G ratio of 1.86 and a beta of 1.51. QUALCOMM, Inc. has a 12-month low of $48.56 and a 12-month high of $69.28. The company has a quick ratio of 3.46, a current ratio of 3.60 and a debt-to-equity ratio of 0.81.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.10. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.21 billion. QUALCOMM had a negative net margin of 20.16% and a positive return on equity of 16.48%. The firm’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.34 earnings per share. equities research analysts expect that QUALCOMM, Inc. will post 2.71 earnings per share for the current fiscal year.
QUALCOMM declared that its Board of Directors has authorized a stock repurchase program on Wednesday, May 9th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to repurchase up to 12.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 20th. Shareholders of record on Wednesday, May 30th were given a dividend of $0.62 per share. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.57. This represents a $2.48 annualized dividend and a yield of 4.33%. The ex-dividend date was Tuesday, May 29th. QUALCOMM’s dividend payout ratio is presently 65.61%.
In other QUALCOMM news, EVP Alexander H. Rogers sold 662 shares of the company’s stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $50.75, for a total transaction of $33,596.50. Following the transaction, the executive vice president now directly owns 8,132 shares in the company, valued at $412,699. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Donald J. Rosenberg sold 11,670 shares of the company’s stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $53.01, for a total transaction of $618,626.70. The disclosure for this sale can be found here. Insiders have sold 30,255 shares of company stock worth $1,612,477 over the last 90 days. 0.24% of the stock is currently owned by company insiders.
A number of equities research analysts have recently commented on QCOM shares. BidaskClub cut shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Thursday, March 22nd. Morgan Stanley started coverage on shares of QUALCOMM in a report on Monday, March 19th. They issued an “underweight” rating and a $55.00 target price for the company. Royal Bank of Canada reaffirmed a “buy” rating and issued a $75.00 target price on shares of QUALCOMM in a report on Tuesday, April 24th. Stifel Nicolaus reduced their target price on shares of QUALCOMM from $56.00 to $54.00 and set a “hold” rating for the company in a report on Thursday, April 26th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $79.00 target price (down from $86.00) on shares of QUALCOMM in a report on Friday, April 20th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. QUALCOMM has an average rating of “Hold” and an average price target of $63.91.
QUALCOMM Company Profile
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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