Pinebridge Investments L.P. Grows Stake in QUALCOMM, Inc. (NASDAQ:QCOM)
Pinebridge Investments L.P. increased its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 32.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 270,738 shares of the wireless technology company’s stock after acquiring an additional 66,962 shares during the period. Pinebridge Investments L.P.’s holdings in QUALCOMM were worth $20,596,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QCOM. Comerica Securities Inc. boosted its position in shares of QUALCOMM by 1.3% during the 4th quarter. Comerica Securities Inc. now owns 28,376 shares of the wireless technology company’s stock worth $1,615,000 after purchasing an additional 370 shares during the period. Prospera Financial Services Inc boosted its position in shares of QUALCOMM by 9.9% during the 1st quarter. Prospera Financial Services Inc now owns 9,301 shares of the wireless technology company’s stock worth $536,000 after purchasing an additional 835 shares during the period. MV Capital Management Inc. boosted its position in shares of QUALCOMM by 10.8% during the 1st quarter. MV Capital Management Inc. now owns 3,881 shares of the wireless technology company’s stock worth $221,000 after purchasing an additional 377 shares during the period. Pinnacle Financial Partners Inc. boosted its position in shares of QUALCOMM by 4.6% during the 1st quarter. Pinnacle Financial Partners Inc. now owns 53,056 shares of the wireless technology company’s stock worth $3,026,000 after purchasing an additional 2,328 shares during the period. Finally, Investment Management of Virginia LLC boosted its position in shares of QUALCOMM by 7.1% during the 1st quarter. Investment Management of Virginia LLC now owns 26,264 shares of the wireless technology company’s stock worth $1,498,000 after purchasing an additional 1,750 shares during the period. Institutional investors own 78.73% of the company’s stock.
QCOM has been the subject of several recent research reports. Goldman Sachs Group initiated coverage on shares of QUALCOMM in a research report on Thursday, May 23rd. They issued a “neutral” rating and a $73.00 price target for the company. Barclays cut shares of QUALCOMM from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $90.00 to $75.00 in a research report on Thursday, July 18th. Deutsche Bank decreased their price target on shares of QUALCOMM from $80.00 to $75.00 and set an “in-line” rating for the company in a research report on Thursday, August 1st. Cowen reissued an “outperform” rating and issued a $80.00 price target (down previously from $100.00) on shares of QUALCOMM in a research report on Thursday, May 23rd. Finally, DZ Bank reissued a “sell” rating on shares of QUALCOMM in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. QUALCOMM currently has an average rating of “Buy” and an average price target of $79.68.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.02. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same period last year, the business earned $1.01 EPS. QUALCOMM’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, sell-side analysts forecast that QUALCOMM, Inc. will post 2.84 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be paid a $0.62 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $2.48 dividend on an annualized basis and a yield of 3.16%. QUALCOMM’s dividend payout ratio is presently 77.74%.
In other news, Director Mark D. Mclaughlin bought 2,705 shares of the stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average price of $73.84 per share, with a total value of $199,737.20. Following the completion of the acquisition, the director now directly owns 5,220 shares in the company, valued at $385,444.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Erin L. Polek sold 1,478 shares of QUALCOMM stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $70.36, for a total transaction of $103,992.08. Following the completion of the sale, the senior vice president now directly owns 1,386 shares in the company, valued at approximately $97,518.96. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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