Teachers Retirement System of The State of Kentucky cut its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 9.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 351,469 shares of the wireless technology company’s stock after selling 35,300 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in QUALCOMM were worth $32,057,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hexavest Inc. boosted its stake in shares of QUALCOMM by 109.6% during the 2nd quarter. Hexavest Inc. now owns 327 shares of the wireless technology company’s stock worth $30,000 after acquiring an additional 171 shares in the last quarter. Hoover Financial Advisors Inc. bought a new stake in shares of QUALCOMM during the 2nd quarter worth $46,000. S.A. Mason LLC boosted its stake in shares of QUALCOMM by 70.4% during the 2nd quarter. S.A. Mason LLC now owns 605 shares of the wireless technology company’s stock worth $55,000 after acquiring an additional 250 shares in the last quarter. Tarbox Family Office Inc. boosted its stake in shares of QUALCOMM by 35.7% during the 2nd quarter. Tarbox Family Office Inc. now owns 616 shares of the wireless technology company’s stock worth $56,000 after acquiring an additional 162 shares in the last quarter. Finally, Modus Advisors LLC bought a new stake in shares of QUALCOMM during the 2nd quarter worth $57,000. 74.79% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on the company. Canaccord Genuity raised their price objective on QUALCOMM from $137.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Royal Bank of Canada increased their target price on QUALCOMM from $81.00 to $106.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. They noted that the move was a valuation call. Piper Sandler increased their target price on QUALCOMM from $80.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Rosenblatt Securities increased their target price on QUALCOMM from $105.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Wells Fargo & Company upgraded QUALCOMM from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $90.00 to $120.00 in a report on Tuesday, September 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. QUALCOMM currently has a consensus rating of “Buy” and a consensus target price of $110.87.
NASDAQ QCOM traded up $3.12 during trading on Tuesday, hitting $116.58. 8,772,703 shares of the company traded hands, compared to its average volume of 10,552,889. QUALCOMM, Inc. has a 12 month low of $58.00 and a 12 month high of $123.93. The business has a fifty day simple moving average of $111.29 and a 200 day simple moving average of $87.83. The company has a current ratio of 1.97, a quick ratio of 1.67 and a debt-to-equity ratio of 4.67. The company has a market capitalization of $131.53 billion, a P/E ratio of 49.51, a PEG ratio of 1.79 and a beta of 1.36.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.15. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the company earned $0.80 earnings per share. The business’s revenue was down .1% compared to the same quarter last year. Equities research analysts predict that QUALCOMM, Inc. will post 3.2 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 3rd will be issued a dividend of $0.65 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $2.60 annualized dividend and a yield of 2.23%. QUALCOMM’s dividend payout ratio (DPR) is currently 91.55%.
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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