Bank of New York Mellon Corp Sells 2,111,086 Shares of QUALCOMM Incorporated (QCOM)
Bank of New York Mellon Corp cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 12.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,284,725 shares of the wireless technology company’s stock after selling 2,111,086 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.04% of QUALCOMM worth $844,022,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Horan Capital Advisors LLC. grew its position in shares of QUALCOMM by 1.1% in the 2nd quarter. Horan Capital Advisors LLC. now owns 55,492 shares of the wireless technology company’s stock worth $3,064,000 after buying an additional 615 shares during the period. State of Wisconsin Investment Board grew its position in shares of QUALCOMM by 3.8% in the 2nd quarter. State of Wisconsin Investment Board now owns 1,450,932 shares of the wireless technology company’s stock worth $80,120,000 after buying an additional 53,748 shares during the period. WASHINGTON TRUST Co grew its position in shares of QUALCOMM by 32.2% in the 2nd quarter. WASHINGTON TRUST Co now owns 5,564 shares of the wireless technology company’s stock worth $307,000 after buying an additional 1,354 shares during the period. Morningstar Investment Services LLC grew its position in shares of QUALCOMM by 7.0% in the 2nd quarter. Morningstar Investment Services LLC now owns 270,442 shares of the wireless technology company’s stock worth $14,934,000 after buying an additional 17,727 shares during the period. Finally, Shufro Rose & Co. LLC grew its position in shares of QUALCOMM by 431.2% in the 2nd quarter. Shufro Rose & Co. LLC now owns 285,204 shares of the wireless technology company’s stock worth $15,749,000 after buying an additional 231,510 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Michelle M. Sterling sold 4,740 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 5,810 shares of company stock worth $301,596 in the last ninety days. 0.24% of the stock is owned by corporate insiders.
A number of research firms have recently weighed in on QCOM. ValuEngine downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Deutsche Bank AG started coverage on shares of QUALCOMM in a research report on Monday, June 19th. They set a “hold” rating and a $62.00 price objective on the stock. Susquehanna Bancshares Inc reissued a “positive” rating and set a $67.00 price objective (up from $61.00) on shares of QUALCOMM in a research report on Sunday, June 18th. BidaskClub raised shares of QUALCOMM from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 16th. Finally, Sanford C. Bernstein reissued a “hold” rating on shares of QUALCOMM in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $64.00.
QUALCOMM Incorporated (NASDAQ:QCOM) opened at 52.82 on Monday. The firm has a 50-day moving average price of $51.84 and a 200 day moving average price of $54.30. QUALCOMM Incorporated has a 1-year low of $48.92 and a 1-year high of $71.62. The stock has a market cap of $77.97 billion, a price-to-earnings ratio of 20.23 and a beta of 1.28.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. QUALCOMM’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 EPS. On average, equities research analysts anticipate that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 29th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date is Tuesday, November 28th. QUALCOMM’s dividend payout ratio is currently 87.36%.
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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