Davis R M Inc. Boosts Stake in QUALCOMM, Inc. (QCOM)
Davis R M Inc. grew its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 321,300 shares of the wireless technology company’s stock after acquiring an additional 4,177 shares during the period. Davis R M Inc.’s holdings in QUALCOMM were worth $23,143,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Cubist Systematic Strategies LLC increased its stake in QUALCOMM by 568.8% in the 1st quarter. Cubist Systematic Strategies LLC now owns 17,703 shares of the wireless technology company’s stock worth $981,000 after purchasing an additional 15,056 shares during the period. Private Capital Group LLC increased its stake in QUALCOMM by 83.2% in the 1st quarter. Private Capital Group LLC now owns 2,828 shares of the wireless technology company’s stock worth $157,000 after purchasing an additional 1,284 shares during the period. Summit Trail Advisors LLC increased its stake in QUALCOMM by 4,949.5% in the 1st quarter. Summit Trail Advisors LLC now owns 379,877 shares of the wireless technology company’s stock worth $380,000 after purchasing an additional 372,354 shares during the period. Financial Gravity Wealth Inc. purchased a new position in QUALCOMM in the 1st quarter worth approximately $224,000. Finally, Suntrust Banks Inc. increased its stake in QUALCOMM by 30.2% in the 1st quarter. Suntrust Banks Inc. now owns 257,829 shares of the wireless technology company’s stock worth $14,285,000 after purchasing an additional 59,809 shares during the period. 77.39% of the stock is owned by institutional investors and hedge funds.
QCOM has been the topic of several research analyst reports. BidaskClub cut QUALCOMM from a “hold” rating to a “sell” rating in a research note on Thursday, June 28th. Summit Insights raised QUALCOMM from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. BMO Capital Markets boosted their target price on QUALCOMM to $64.00 and gave the company a “market perform” rating in a research note on Thursday, July 26th. Stifel Nicolaus boosted their target price on QUALCOMM from $54.00 to $58.00 and gave the company a “hold” rating in a research note on Thursday, July 26th. Finally, ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the stock. QUALCOMM has a consensus rating of “Hold” and a consensus target price of $71.12.
Shares of QCOM stock opened at $65.15 on Friday. The firm has a market capitalization of $105.82 billion, a P/E ratio of 17.24, a PEG ratio of 2.12 and a beta of 1.66. QUALCOMM, Inc. has a twelve month low of $48.56 and a twelve month high of $76.50. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.30. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.19 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 earnings per share. As a group, equities analysts anticipate that QUALCOMM, Inc. will post 3.12 earnings per share for the current fiscal year.
QUALCOMM announced that its Board of Directors has authorized a stock buyback program on Thursday, July 26th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the wireless technology company to purchase up to 34.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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