AQR Capital Management LLC Cuts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)
AQR Capital Management LLC cut its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 23.3% during the first quarter, Holdings Channel reports. The fund owned 3,398,315 shares of the wireless technology company’s stock after selling 1,034,857 shares during the period. AQR Capital Management LLC’s holdings in QUALCOMM were worth $194,859,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. American National Bank raised its stake in QUALCOMM by 41.0% in the first quarter. American National Bank now owns 2,825 shares of the wireless technology company’s stock worth $162,000 after buying an additional 822 shares during the last quarter. Welch Group LLC raised its stake in QUALCOMM by 2.3% in the first quarter. Welch Group LLC now owns 3,037 shares of the wireless technology company’s stock worth $174,000 after buying an additional 69 shares during the last quarter. Commonwealth Financial Services LLC raised its stake in QUALCOMM by 499.5% in the first quarter. Commonwealth Financial Services LLC now owns 3,627 shares of the wireless technology company’s stock worth $205,000 after buying an additional 3,022 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in QUALCOMM during the first quarter worth $218,000. Finally, Schnieders Capital Management LLC acquired a new stake in QUALCOMM during the first quarter worth $226,000. Hedge funds and other institutional investors own 76.61% of the company’s stock.
Shares of QUALCOMM Incorporated (NASDAQ QCOM) traded up 0.73% during midday trading on Friday, hitting $52.72. 5,894,208 shares of the company’s stock were exchanged. The firm has a market cap of $77.82 billion, a PE ratio of 20.19 and a beta of 1.29. QUALCOMM Incorporated has a one year low of $51.05 and a one year high of $71.62. The stock’s 50-day moving average price is $54.47 and its 200 day moving average price is $55.60.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.02. The firm had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company’s revenue was down 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 EPS. Equities research analysts forecast that QUALCOMM Incorporated will post $4.16 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date is Monday, August 28th. QUALCOMM’s dividend payout ratio (DPR) is presently 87.36%.
A number of analysts recently issued reports on the stock. UBS AG reissued a “neutral” rating and set a $58.00 price target on shares of QUALCOMM in a report on Tuesday, May 2nd. Zacks Investment Research raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a report on Tuesday. Northland Securities downgraded shares of QUALCOMM from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $75.00 to $62.50 in a report on Wednesday, June 28th. BidaskClub downgraded shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of QUALCOMM in a report on Tuesday, July 25th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $63.96.
In related news, President Derek K. Aberle sold 23,104 shares of the 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 completion of the sale, the president now owns 5,855 shares of the company’s stock, valued at approximately $324,249.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Derek K. Aberle sold 22,251 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $57.59, for a total transaction of $1,281,435.09. Following the sale, the president now directly owns 28,959 shares of the company’s stock, valued at approximately $1,667,748.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,101 shares of company stock valued at $2,955,612. Corporate insiders own 0.17% of the company’s stock.
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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