Independent Advisor Alliance Reduces Stake in QUALCOMM, Inc. (QCOM)
Independent Advisor Alliance reduced its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 35.5% during the third quarter, Holdings Channel reports. The institutional investor owned 10,089 shares of the wireless technology company’s stock after selling 5,560 shares during the period. Independent Advisor Alliance’s holdings in QUALCOMM were worth $534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Mengis Capital Management Inc. raised its holdings in QUALCOMM by 23.2% in the 2nd quarter. Mengis Capital Management Inc. now owns 84,754 shares of the wireless technology company’s stock worth $4,680,000 after purchasing an additional 15,982 shares during the period. Pointe Capital Management LLC bought a new position in QUALCOMM in the 2nd quarter worth $498,000. Canada Pension Plan Investment Board raised its holdings in QUALCOMM by 40.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,129,405 shares of the wireless technology company’s stock worth $117,586,000 after purchasing an additional 614,313 shares during the period. Connecticut Wealth Management LLC raised its holdings in QUALCOMM by 0.5% in the 2nd quarter. Connecticut Wealth Management LLC now owns 11,933 shares of the wireless technology company’s stock worth $664,000 after purchasing an additional 64 shares during the period. Finally, Wheatland Advisors Inc. raised its holdings in QUALCOMM by 1.0% in the 2nd quarter. Wheatland Advisors Inc. now owns 9,755 shares of the wireless technology company’s stock worth $539,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 76.16% of the company’s stock.
A number of equities analysts recently commented on the company. KeyCorp raised their target price on QUALCOMM from $68.00 to $73.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a report on Friday. Canaccord Genuity raised their target price on QUALCOMM from $83.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, January 17th. Vetr cut QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $76.42 target price on the stock. in a report on Thursday, February 1st. Finally, Sanford C. Bernstein reaffirmed a “hold” rating on shares of QUALCOMM in a report on Monday, November 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $68.25.
Shares of QUALCOMM, Inc. (NASDAQ QCOM) opened at $61.73 on Tuesday. QUALCOMM, Inc. has a twelve month low of $48.92 and a twelve month high of $69.28. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.41 and a quick ratio of 3.25. The stock has a market capitalization of $91,000.00, a PE ratio of -21.81, a PEG ratio of 1.87 and a beta of 1.38.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $0.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.07. The company had revenue of $6.10 billion during the quarter, compared to analyst estimates of $5.93 billion. QUALCOMM had a positive return on equity of 18.10% and a negative net margin of 18.65%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the business posted $1.19 earnings per share. research analysts anticipate that QUALCOMM, Inc. will post 3.07 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Wednesday, February 28th will be given a $0.57 dividend. The ex-dividend date is Tuesday, February 27th. This represents a $2.28 annualized dividend and a yield of 3.69%. QUALCOMM’s dividend payout ratio is currently -80.57%.
QUALCOMM Company Profile
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.
Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QUALCOMM, Inc. (NASDAQ:QCOM).
Receive News & Ratings for QUALCOMM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for QUALCOMM and related companies with MarketBeat.com's FREE daily email newsletter.