First Interstate Bank Grows Holdings in QUALCOMM, Inc. (QCOM)
First Interstate Bank raised its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 4.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 199,122 shares of the wireless technology company’s stock after purchasing an additional 9,215 shares during the period. QUALCOMM accounts for approximately 2.2% of First Interstate Bank’s holdings, making the stock its 11th biggest holding. First Interstate Bank’s holdings in QUALCOMM were worth $10,322,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the business. Westwood Holdings Group Inc. bought a new stake in shares of QUALCOMM in the 2nd quarter valued at about $114,000. Krilogy Financial LLC increased its stake in shares of QUALCOMM by 47.0% in the 2nd quarter. Krilogy Financial LLC now owns 2,331 shares of the wireless technology company’s stock valued at $129,000 after acquiring an additional 745 shares during the last quarter. Capstone Investment Advisors Netherlands B.V. bought a new stake in shares of QUALCOMM in the 2nd quarter valued at about $141,000. Jacobi Capital Management LLC increased its stake in shares of QUALCOMM by 7.8% in the 2nd quarter. Jacobi Capital Management LLC now owns 2,767 shares of the wireless technology company’s stock valued at $154,000 after acquiring an additional 200 shares during the last quarter. Finally, Penserra Capital Management LLC increased its stake in shares of QUALCOMM by 40.7% in the 2nd quarter. Penserra Capital Management LLC now owns 2,912 shares of the wireless technology company’s stock valued at $160,000 after acquiring an additional 842 shares during the last quarter. Institutional investors own 76.23% of the company’s stock.
A number of analysts have recently commented on the company. Canaccord Genuity upped their price target on QUALCOMM from $83.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday. Macquarie increased their target price on QUALCOMM from $55.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday. Mizuho reissued a “buy” rating and set a $75.00 target price (up from $65.00) on shares of QUALCOMM in a research note on Wednesday. ValuEngine cut QUALCOMM from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Nomura raised QUALCOMM from a “neutral” rating to a “buy” rating and increased their target price for the stock from $58.00 to $75.00 in a research note on Tuesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. QUALCOMM currently has a consensus rating of “Hold” and an average target price of $67.14.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.22. The company had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period last year, the business earned $1.28 EPS. equities research analysts predict that QUALCOMM, Inc. will post 3.07 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.57 per share. The ex-dividend date is Tuesday, February 27th. This represents a $2.28 annualized dividend and a dividend yield of 3.35%. QUALCOMM’s dividend payout ratio is currently 138.18%.
In other news, EVP Alexander H. Rogers sold 874 shares of the stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $68.52, for a total value of $59,886.48. Following the completion of the sale, the executive vice president now owns 12,035 shares of the company’s stock, valued at approximately $824,638.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Matthew S. Grob sold 20,000 shares of the stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $60.44, for a total value of $1,208,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 72,989 shares of company stock valued at $4,678,794 over the last ninety days. Company insiders own 0.17% of the company’s stock.
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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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