Legacy Capital Partners Inc. Buys 10,280 Shares of QUALCOMM Incorporated (QCOM)
Legacy Capital Partners Inc. lifted its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 35.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,420 shares of the wireless technology company’s stock after buying an additional 10,280 shares during the period. Legacy Capital Partners Inc.’s holdings in QUALCOMM were worth $2,177,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of QCOM. Baupost Group LLC MA acquired a new position in shares of QUALCOMM in the 1st quarter worth approximately $299,085,000. Nordea Investment Management AB raised its holdings in shares of QUALCOMM by 589.4% in the 1st quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock worth $339,007,000 after buying an additional 5,054,642 shares in the last quarter. Schroder Investment Management Group raised its holdings in shares of QUALCOMM by 30.8% in the 1st quarter. Schroder Investment Management Group now owns 6,562,412 shares of the wireless technology company’s stock worth $375,369,000 after buying an additional 1,544,792 shares in the last quarter. Pictet Asset Management Ltd. raised its holdings in shares of QUALCOMM by 73.7% in the 1st quarter. Pictet Asset Management Ltd. now owns 3,152,908 shares of the wireless technology company’s stock worth $180,788,000 after buying an additional 1,337,883 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of QUALCOMM by 57.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,432,959 shares of the wireless technology company’s stock worth $189,570,000 after buying an additional 1,252,781 shares in the last quarter. 76.97% of the stock is owned by institutional investors and hedge funds.
In other QUALCOMM news, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Derek K. Aberle sold 23,104 shares of the company’s stock in a transaction 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 sale, the president now directly owns 5,855 shares in the company, valued at approximately $324,249.90. The disclosure for this sale can be found here. Insiders have sold 28,914 shares of company stock worth $1,581,095 in the last ninety days. Insiders own 0.17% of the company’s stock.
QUALCOMM Incorporated (NASDAQ QCOM) opened at 52.49 on Friday. The firm has a market cap of $77.48 billion, a P/E ratio of 20.10 and a beta of 1.28. The stock has a 50 day moving average price of $51.68 and a 200-day moving average price of $54.47. QUALCOMM Incorporated has a 1-year low of $48.92 and a 1-year high of $71.62.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, topping the 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 company had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter in the previous year, the firm posted $1.16 earnings per share. QUALCOMM’s revenue for the quarter was down 11.1% on a year-over-year basis. Equities research analysts forecast that QUALCOMM Incorporated will post $4.16 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, August 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.34%. QUALCOMM’s dividend payout ratio (DPR) is currently 87.36%.
A number of brokerages have recently issued reports on QCOM. J P Morgan Chase & Co reissued an “overweight” rating on shares of QUALCOMM in a report on Wednesday, September 6th. BidaskClub raised QUALCOMM from a “strong sell” rating to a “sell” rating in a report on Sunday, July 16th. Sanford C. Bernstein reissued a “market perform” rating and issued a $60.00 target price on shares of QUALCOMM in a report on Friday, June 30th. BMO Capital Markets reissued a “market perform” rating and issued a $55.00 target price on shares of QUALCOMM in a report on Thursday, August 24th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $65.00 target price on shares of QUALCOMM in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. QUALCOMM presently has a consensus rating of “Hold” and an average price target of $63.60.
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.
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