93,035 Shares in QUALCOMM Incorporated (QCOM) Acquired by Mayo Investment Advisers LLC
Mayo Investment Advisers LLC bought a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 93,035 shares of the wireless technology company’s stock, valued at approximately $5,335,000. QUALCOMM accounts for approximately 1.6% of Mayo Investment Advisers LLC’s portfolio, making the stock its 25th largest position.
Several other hedge funds also recently added to or reduced their stakes in QCOM. American National Bank increased its stake in shares of QUALCOMM by 41.0% in the first quarter. American National Bank now owns 2,825 shares of the wireless technology company’s stock valued at $162,000 after buying an additional 822 shares in the last quarter. Welch Group LLC increased its stake in shares of QUALCOMM by 2.3% in the first quarter. Welch Group LLC now owns 3,037 shares of the wireless technology company’s stock valued at $174,000 after buying an additional 69 shares in the last quarter. Commonwealth Financial Services LLC increased its stake in shares of QUALCOMM by 499.5% in the first quarter. Commonwealth Financial Services LLC now owns 3,627 shares of the wireless technology company’s stock valued at $205,000 after buying an additional 3,022 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of QUALCOMM during the first quarter valued at $218,000. Finally, Schnieders Capital Management LLC acquired a new stake in shares of QUALCOMM during the first quarter valued at $226,000. Hedge funds and other institutional investors own 77.07% of the company’s stock.
Shares of QUALCOMM Incorporated (NASDAQ:QCOM) traded up 0.7185% on Thursday, reaching $52.4945. The company’s stock had a trading volume of 2,143,315 shares. The company’s 50 day moving average price is $53.67 and its 200 day moving average price is $55.51. The company has a market cap of $77.49 billion, a P/E ratio of 20.1051 and a beta of 1.29. QUALCOMM Incorporated has a 12-month low of $51.05 and a 12-month high of $71.62.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.02. The business had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same period last year, the company posted $1.16 earnings per share. Analysts forecast that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM’s payout ratio is 87.36%.
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Several brokerages recently weighed in on QCOM. Northland Securities downgraded QUALCOMM from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $75.00 to $62.50 in a research report on Wednesday, June 28th. BMO Capital Markets restated a “market perform” rating and set a $54.00 price objective on shares of QUALCOMM in a research report on Monday, July 10th. Zacks Investment Research upgraded QUALCOMM from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Rosenblatt Securities restated a “neutral” rating and set a $56.00 price objective on shares of QUALCOMM in a research report on Friday, June 30th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of QUALCOMM in a research report on Wednesday, July 5th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. QUALCOMM currently has a consensus rating of “Hold” and an average price target of $63.96.
In related news, President Derek K. Aberle sold 23,104 shares of QUALCOMM stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the transaction, the president now directly owns 5,855 shares of the company’s stock, valued at $324,249.90. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michelle M. Sterling sold 4,740 shares of QUALCOMM stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,995 shares of company stock worth $1,587,390. 0.17% of the stock is currently owned by corporate insiders.
QUALCOMM Company Profile
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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