Oppenheimer Asset Management Inc. Invests $13.29 Million in QUALCOMM Incorporated (NASDAQ:QCOM)
Oppenheimer Asset Management Inc. bought a new position in QUALCOMM Incorporated (NASDAQ:QCOM) during the first quarter, Holdings Channel reports. The fund bought 231,771 shares of the wireless technology company’s stock, valued at approximately $13,289,000.
Several other hedge funds have also recently modified their holdings of QCOM. American National Bank boosted its stake in shares of QUALCOMM by 41.0% in the first quarter. American National Bank now owns 2,825 shares of the wireless technology company’s stock worth $162,000 after buying an additional 822 shares during the last quarter. Welch Group LLC boosted its stake in shares of QUALCOMM by 2.3% in the first quarter. Welch Group LLC now owns 3,037 shares of the wireless technology company’s stock worth $174,000 after buying an additional 69 shares during the last quarter. Commonwealth Financial Services LLC boosted its stake in shares of QUALCOMM by 499.5% in the first quarter. Commonwealth Financial Services LLC now owns 3,627 shares of the wireless technology company’s stock worth $205,000 after buying an additional 3,022 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of QUALCOMM during the first quarter worth about $218,000. Finally, Good Life Advisors LLC purchased a new stake in shares of QUALCOMM during the first quarter worth about $225,000. Institutional investors and hedge funds own 76.61% of the company’s stock.
Shares of QUALCOMM Incorporated (QCOM) traded down 0.63% during midday trading on Thursday, hitting $52.44. The stock had a trading volume of 2,102,819 shares. QUALCOMM Incorporated has a one year low of $51.05 and a one year high of $71.62. The firm has a market capitalization of $77.40 billion, a PE ratio of 20.08 and a beta of 1.29. The firm’s 50-day moving average price is $54.70 and its 200-day moving average price is $55.64. QUALCOMM also was the target of unusually large options trading on Monday. Investors bought 21,472 put options on the company. This is an increase of 152% compared to the average daily volume of 8,513 put options.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The business had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.25 billion. During the same period in the previous year, the firm earned $1.16 earnings per share. The firm’s quarterly revenue was down 11.1% compared to the same quarter last year. On average, equities analysts predict that QUALCOMM Incorporated will post $4.16 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, August 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.32%. QUALCOMM’s dividend payout ratio (DPR) is presently 87.36%.
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A number of analysts have recently issued reports on QCOM shares. Mizuho reiterated a “buy” rating and set a $68.00 target price (down previously from $75.00) on shares of QUALCOMM in a report on Saturday, April 22nd. Canaccord Genuity decreased their price target on QUALCOMM from $76.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, April 20th. Stifel Nicolaus restated a “buy” rating and issued a $64.00 price target on shares of QUALCOMM in a report on Monday, April 17th. Standpoint Research upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Friday, April 28th. Finally, Vetr cut QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $58.52 price target for the company. in a report on Tuesday, May 2nd. Two equities research 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. QUALCOMM presently has an average rating of “Hold” and a consensus target price of $63.96.
In related news, President Derek K. Aberle sold 23,104 shares of QUALCOMM stock in a transaction on Monday, July 10th. The stock was sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the completion of the sale, the president now directly owns 5,855 shares of the company’s stock, valued at $324,249.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 470 shares of QUALCOMM stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $57.28, for a total value of $26,921.60. Following the sale, the executive vice president now directly owns 3,049 shares of the company’s stock, valued at $174,646.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,101 shares of company stock valued at $2,955,612. 0.17% of the stock is owned by insiders.
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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