Cim Investment Management Inc. grew its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 86.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,208 shares of the wireless technology company’s stock after buying an additional 3,812 shares during the period. Cim Investment Management Inc.’s holdings in QUALCOMM were worth $1,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of QUALCOMM by 1.4% during the second quarter. Geode Capital Management LLC now owns 18,017,712 shares of the wireless technology company’s stock valued at $2,567,796,000 after buying an additional 251,277 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of QUALCOMM by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 15,180,842 shares of the wireless technology company’s stock valued at $2,169,797,000 after buying an additional 410,004 shares during the last quarter. Morgan Stanley raised its position in shares of QUALCOMM by 36.8% during the first quarter. Morgan Stanley now owns 10,330,243 shares of the wireless technology company’s stock valued at $1,369,687,000 after buying an additional 2,781,284 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of QUALCOMM by 1.9% during the second quarter. Clearbridge Investments LLC now owns 9,519,470 shares of the wireless technology company’s stock valued at $1,360,618,000 after buying an additional 181,343 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of QUALCOMM by 4.8% in the second quarter. Legal & General Group Plc now owns 7,936,587 shares of the wireless technology company’s stock valued at $1,134,377,000 after purchasing an additional 362,249 shares in the last quarter. Hedge funds and other institutional investors own 71.77% of the company’s stock.
QCOM has been the subject of a number of recent research reports. Cowen raised their target price on shares of QUALCOMM from $180.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, July 29th. Mizuho raised their target price on shares of QUALCOMM from $175.00 to $180.00 and gave the company a “buy” rating in a report on Thursday, July 29th. Susquehanna Bancshares reissued a “hold” rating and issued a $157.00 target price on shares of QUALCOMM in a report on Thursday, July 29th. Canaccord Genuity reissued a “buy” rating and issued a $225.00 target price (up from $200.00) on shares of QUALCOMM in a report on Thursday, August 12th. Finally, Wells Fargo & Company cut their target price on shares of QUALCOMM from $155.00 to $138.00 and set an “equal weight” rating for the company in a report on Tuesday. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, QUALCOMM has a consensus rating of “Buy” and a consensus price target of $167.35.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 28th. The wireless technology company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.24. The firm had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.58 billion. QUALCOMM had a return on equity of 102.31% and a net margin of 28.25%. Equities research analysts expect that QUALCOMM Incorporated will post 7.23 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 16th. Shareholders of record on Thursday, December 2nd will be issued a $0.68 dividend. The ex-dividend date of this dividend is Wednesday, December 1st. This represents a $2.72 dividend on an annualized basis and a yield of 2.11%. QUALCOMM’s dividend payout ratio is presently 81.44%.
QUALCOMM declared that its Board of Directors has approved a share buyback program on Tuesday, October 12th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the wireless technology company to purchase up to 7.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.
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