CIBC Asset Management Inc Buys 5,659 Shares of QUALCOMM Incorporated (QCOM)
CIBC Asset Management Inc raised its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 184,606 shares of the wireless technology company’s stock after purchasing an additional 5,659 shares during the period. CIBC Asset Management Inc’s holdings in QUALCOMM were worth $10,194,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Jacobi Capital Management LLC lifted its position in shares of QUALCOMM by 10.8% in the first quarter. Jacobi Capital Management LLC now owns 2,567 shares of the wireless technology company’s stock valued at $145,000 after acquiring an additional 250 shares in the last quarter. Alpha Windward LLC lifted its position in shares of QUALCOMM by 6.1% in the second quarter. Alpha Windward LLC now owns 2,680 shares of the wireless technology company’s stock valued at $148,000 after acquiring an additional 153 shares in the last quarter. Welch Group LLC lifted its position 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 acquiring an additional 69 shares in the last quarter. American National Bank lifted its position in shares of QUALCOMM by 28.7% in the second quarter. American National Bank now owns 3,637 shares of the wireless technology company’s stock valued at $201,000 after acquiring an additional 812 shares in the last quarter. Finally, Gilbert & Cook Inc. purchased a new position in shares of QUALCOMM in the second quarter valued at about $217,000. 76.96% of the stock is owned by institutional investors and hedge funds.
QUALCOMM Incorporated (QCOM) opened at 52.09 on Friday. The company has a 50-day moving average price of $52.06 and a 200 day moving average price of $54.99. QUALCOMM Incorporated has a 52 week low of $48.92 and a 52 week high of $71.62. The company has a market cap of $76.89 billion, a PE ratio of 19.95 and a beta of 1.29.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter last year, the firm earned $1.16 EPS. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis. On average, equities research analysts forecast that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th were issued a $0.57 dividend. The ex-dividend date was Monday, August 28th. This represents a $2.28 annualized dividend and a yield of 4.38%. QUALCOMM’s dividend payout ratio (DPR) is presently 87.36%.
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In related news, 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 value of $245,911.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the president now owns 5,855 shares of the company’s stock, valued at approximately $324,249.90. The disclosure for this sale can be found here. Insiders sold a total of 28,995 shares of company stock valued at $1,587,390 in the last quarter. 0.17% of the stock is owned by insiders.
Several equities analysts have recently commented on the company. Northland Securities downgraded QUALCOMM from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $75.00 to $62.50 in a research report on Wednesday, June 28th. Zacks Investment Research downgraded QUALCOMM from a “hold” rating to a “sell” rating in a research report on Wednesday. BMO Capital Markets restated a “market perform” rating and issued a $54.00 price objective on shares of QUALCOMM in a research report on Monday, July 10th. Rosenblatt Securities restated a “neutral” rating and issued a $56.00 price objective on shares of QUALCOMM in a research report on Friday, June 30th. Finally, Wells Fargo & Company restated an “outperform” rating on shares of QUALCOMM in a research report on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. QUALCOMM currently has a consensus rating of “Hold” and a consensus price target of $63.96.
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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