Manning & Napier Advisors LLC Raises Stake in QUALCOMM Incorporated (NASDAQ:QCOM)
Manning & Napier Advisors LLC boosted its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 27.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 269,000 shares of the wireless technology company’s stock after buying an additional 57,477 shares during the period. Manning & Napier Advisors LLC’s holdings in QUALCOMM were worth $14,853,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in QCOM. Baupost Group LLC MA bought a new stake in QUALCOMM during the first quarter worth about $299,085,000. Nordea Investment Management AB raised its stake in QUALCOMM by 589.4% in the first 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 during the last quarter. Schroder Investment Management Group raised its stake in QUALCOMM by 30.8% in the first 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 during the last quarter. Pictet Asset Management Ltd. raised its stake in QUALCOMM by 73.7% in the first 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 during the last quarter. Finally, Wedgewood Partners Inc. raised its stake in QUALCOMM by 39.7% in the first quarter. Wedgewood Partners Inc. now owns 4,081,972 shares of the wireless technology company’s stock worth $234,059,000 after buying an additional 1,160,993 shares during the last quarter. Institutional investors and hedge funds own 76.61% of the company’s stock.
QUALCOMM Incorporated (QCOM) traded up 0.774% during midday trading on Friday, hitting $52.745. The stock had a trading volume of 2,424,153 shares. The stock’s 50 day moving average price is $54.58 and its 200-day moving average price is $55.62. QUALCOMM Incorporated has a 52 week low of $51.05 and a 52 week high of $71.62. The company has a market cap of $77.86 billion, a PE ratio of 20.201 and a beta of 1.29.
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 Thomson Reuters’ consensus estimate of $0.81 by $0.02. The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.16 earnings per share. Equities research analysts predict that QUALCOMM Incorporated will post $4.16 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, August 28th. This represents a $2.28 annualized dividend and a yield of 4.36%. QUALCOMM’s dividend payout ratio is 87.36%.
A number of equities research analysts recently issued reports on the company. Vetr lowered QUALCOMM from a “buy” rating to a “hold” rating and set a $60.62 target price on the stock. in a research note on Monday, May 22nd. Stifel Nicolaus upped their target price on QUALCOMM from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 26th. BMO Capital Markets reissued a “market perform” rating on shares of QUALCOMM in a research note on Sunday, May 21st. J P Morgan Chase & Co raised QUALCOMM from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $50.00 to $68.00 in a research note on Monday, May 22nd. Finally, Zacks Investment Research lowered QUALCOMM from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $63.96.
In other news, EVP Michelle M. Sterling sold 5,509 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $59.11, for a total transaction of $325,636.99. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Alexander H. Rogers sold 470 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $57.28, for a total transaction of $26,921.60. Following the transaction, the executive vice president now owns 3,049 shares in the company, valued at $174,646.72. The disclosure for this sale can be found here. Insiders have sold 52,101 shares of company stock worth $2,955,612 over the last ninety days. Insiders own 0.17% of the company’s stock.
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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