Trustmark National Bank Trust Department cut its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 9.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,859 shares of the wireless technology company’s stock after selling 4,791 shares during the quarter. Trustmark National Bank Trust Department’s holdings in QUALCOMM were worth $2,326,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Torray LLC boosted its stake in QUALCOMM by 42.1% during the third quarter. Torray LLC now owns 23,305 shares of the wireless technology company’s stock worth $1,208,000 after acquiring an additional 6,905 shares in the last quarter. Knights of Columbus Asset Advisors LLC boosted its stake in QUALCOMM by 9.0% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 39,400 shares of the wireless technology company’s stock worth $2,042,000 after acquiring an additional 3,250 shares in the last quarter. Haverford Trust Co. boosted its stake in QUALCOMM by 14.2% during the third quarter. Haverford Trust Co. now owns 11,904 shares of the wireless technology company’s stock worth $617,000 after acquiring an additional 1,480 shares in the last quarter. OLD Dominion Capital Management Inc. boosted its stake in QUALCOMM by 10.3% during the third quarter. OLD Dominion Capital Management Inc. now owns 10,721 shares of the wireless technology company’s stock worth $556,000 after acquiring an additional 997 shares in the last quarter. Finally, Flossbach Von Storch AG boosted its stake in QUALCOMM by 0.6% during the third quarter. Flossbach Von Storch AG now owns 1,055,200 shares of the wireless technology company’s stock worth $54,702,000 after acquiring an additional 6,000 shares in the last quarter. 76.23% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Michelle M. Sterling sold 7,840 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $66.56, for a total transaction of $521,830.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matthew S. Grob sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $60.44, for a total transaction of $1,208,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,989 shares of company stock valued at $4,678,794. 0.17% of the stock is currently owned by corporate insiders.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.22. The company had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.28 earnings per share. sell-side analysts expect that QUALCOMM, Inc. will post 3.07 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Wednesday, February 28th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $2.28 annualized dividend and a dividend yield of 3.35%. QUALCOMM’s dividend payout ratio is currently 138.18%.
Several research firms have weighed in on QCOM. Canaccord Genuity upped their price objective on shares of QUALCOMM from $83.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday. Sanford C. Bernstein restated a “hold” rating on shares of QUALCOMM in a report on Monday, November 13th. Vetr upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $69.52 price objective on the stock in a report on Monday, November 13th. Stifel Nicolaus downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating and upped their price objective for the stock from $65.00 to $75.00 in a report on Tuesday, November 28th. Finally, ValuEngine upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $67.14.
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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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