Valeo Financial Advisors LLC reduced its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 11.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 7,459 shares of the wireless technology company’s stock after selling 954 shares during the period. Valeo Financial Advisors LLC’s holdings in QUALCOMM were worth $569,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in QCOM. Vanguard Group Inc. grew its stake in shares of QUALCOMM by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 99,900,654 shares of the wireless technology company’s stock valued at $7,599,444,000 after buying an additional 2,296,163 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of QUALCOMM by 49.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 35,136,722 shares of the wireless technology company’s stock valued at $2,672,850,000 after buying an additional 11,686,131 shares during the period. Bank of New York Mellon Corp grew its stake in shares of QUALCOMM by 8.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 25,383,855 shares of the wireless technology company’s stock valued at $1,930,950,000 after buying an additional 2,035,743 shares during the period. Primecap Management Co. CA grew its stake in shares of QUALCOMM by 0.3% during the 2nd quarter. Primecap Management Co. CA now owns 24,716,715 shares of the wireless technology company’s stock valued at $1,880,201,000 after buying an additional 83,270 shares during the period. Finally, Northern Trust Corp grew its stake in shares of QUALCOMM by 1.9% during the 2nd quarter. Northern Trust Corp now owns 15,783,756 shares of the wireless technology company’s stock valued at $1,200,669,000 after buying an additional 301,087 shares during the period. 78.52% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on QCOM. ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a research note on Monday, October 7th. Bank of America lowered their price objective on shares of QUALCOMM from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Daiwa Capital Markets began coverage on shares of QUALCOMM in a research report on Thursday, July 18th. They set a “neutral” rating for the company. Canaccord Genuity set a $87.00 price target on shares of QUALCOMM and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 price target on shares of QUALCOMM in a research report on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $79.68.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the previous year, the business posted $1.01 EPS. The firm’s revenue was down 12.7% compared to the same quarter last year. Sell-side analysts predict that QUALCOMM, Inc. will post 2.84 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.62 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $2.48 dividend on an annualized basis and a yield of 3.20%. QUALCOMM’s dividend payout ratio is currently 77.74%.
In related news, Director Mark D. Mclaughlin bought 2,705 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average price of $73.84 per share, for a total transaction of $199,737.20. Following the purchase, the director now owns 5,220 shares in the company, valued at approximately $385,444.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Michelle M. Sterling sold 10,398 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $75.01, for a total transaction of $779,953.98. The disclosure for this sale can be found here. Insiders sold a total of 11,985 shares of company stock worth $892,245 in the last quarter. 0.11% of the stock is currently owned by company insiders.
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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