QUALCOMM Incorporated (QCOM) Position Lowered by Teachers Retirement System of The State of Kentucky
Teachers Retirement System of The State of Kentucky lowered its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 56.4% during the first quarter, Holdings Channel reports. The fund owned 392,892 shares of the wireless technology company’s stock after selling 508,121 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in QUALCOMM were worth $22,529,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. American National Bank raised its position in 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 raised 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 valued at $174,000 after buying an additional 69 shares in the last quarter. Commonwealth Financial Services LLC raised 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 valued at $205,000 after buying an additional 3,022 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of QUALCOMM during the first quarter valued at approximately $218,000. Finally, Schnieders Capital Management LLC bought a new stake in shares of QUALCOMM during the first quarter valued at approximately $226,000. 76.59% of the stock is currently owned by institutional investors.
Shares of QUALCOMM Incorporated (QCOM) traded down 0.33% during midday trading on Wednesday, hitting $53.69. 1,534,949 shares of the stock were exchanged. The company has a market capitalization of $79.25 billion, a P/E ratio of 20.56 and a beta of 1.29. The firm has a 50-day moving average of $54.30 and a 200-day moving average of $55.59. QUALCOMM Incorporated has a 1-year low of $51.05 and a 1-year high of $71.62.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.81 by $0.02. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. QUALCOMM’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.16 earnings per share. On average, equities analysts expect that QUALCOMM Incorporated will post $4.16 EPS 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. This represents a $2.28 annualized dividend and a yield of 4.23%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM’s payout ratio is 87.36%.
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QCOM has been the topic of several research reports. Vetr raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $60.45 price objective on the stock in a research report on Wednesday, June 7th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $61.00 price objective (down previously from $63.00) on shares of QUALCOMM in a research report on Thursday, May 4th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $75.00 price objective on shares of QUALCOMM in a research report on Saturday, April 22nd. Zacks Investment Research lowered shares of QUALCOMM from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 20th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of QUALCOMM in a research report on Friday, May 5th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $63.96.
In other QUALCOMM news, President Derek K. Aberle sold 23,104 shares of QUALCOMM 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 completion of the transaction, the president now directly owns 5,855 shares of the company’s stock, valued at $324,249.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Derek K. Aberle sold 22,251 shares of QUALCOMM stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $57.59, for a total transaction of $1,281,435.09. Following the transaction, the president now directly owns 28,959 shares of the company’s stock, valued at $1,667,748.81. The disclosure for this sale can be found here. Insiders have sold 52,101 shares of company stock valued at $2,955,612 over the last ninety days. 0.24% of the stock is owned by insiders.
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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