QUALCOMM Incorporated (QCOM) Position Reduced by Coronation Fund Managers Ltd.
Coronation Fund Managers Ltd. reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 17.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 148,482 shares of the wireless technology company’s stock after selling 31,758 shares during the period. Coronation Fund Managers Ltd.’s holdings in QUALCOMM were worth $8,514,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. GWM Advisors LLC boosted its stake in shares of QUALCOMM by 25.3% in the first quarter. GWM Advisors LLC now owns 21,072 shares of the wireless technology company’s stock worth $1,188,000 after buying an additional 4,254 shares in the last quarter. Aberdeen Asset Management PLC UK raised its position in shares of QUALCOMM by 3.0% in the first quarter. Aberdeen Asset Management PLC UK now owns 955,342 shares of the wireless technology company’s stock valued at $54,779,000 after buying an additional 28,141 shares during the last quarter. Madison Investment Holdings Inc. raised its position in shares of QUALCOMM by 55.4% in the first quarter. Madison Investment Holdings Inc. now owns 293,968 shares of the wireless technology company’s stock valued at $16,856,000 after buying an additional 104,748 shares during the last quarter. Congress Asset Management Co. MA raised its position in shares of QUALCOMM by 5.8% in the first quarter. Congress Asset Management Co. MA now owns 74,585 shares of the wireless technology company’s stock valued at $4,277,000 after buying an additional 4,057 shares during the last quarter. Finally, Peapack Gladstone Financial Corp raised its position in shares of QUALCOMM by 4.4% in the first quarter. Peapack Gladstone Financial Corp now owns 222,248 shares of the wireless technology company’s stock valued at $12,744,000 after buying an additional 9,283 shares during the last quarter. Hedge funds and other institutional investors own 77.07% of the company’s stock.
QUALCOMM Incorporated (NASDAQ QCOM) traded up 0.704% during trading on Wednesday, reaching $52.175. 1,087,242 shares of the company’s stock were exchanged. The stock has a market cap of $77.01 billion, a PE ratio of 19.983 and a beta of 1.29. The firm has a 50 day moving average of $53.67 and a 200-day moving average of $55.51. QUALCOMM Incorporated has a 12 month low of $51.05 and a 12 month 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 analysts’ consensus estimates of $0.81 by $0.02. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.25 billion. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.16 EPS. On average, equities research analysts anticipate that QUALCOMM Incorporated will post $4.16 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM’s dividend payout ratio is currently 87.36%.
Several equities analysts have recently weighed in on QCOM shares. ValuEngine lowered shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. BidaskClub lowered shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Zacks Investment Research lowered shares of QUALCOMM from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 20th. Northland Securities lowered shares of QUALCOMM from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $75.00 to $62.50 in a research report on Wednesday, June 28th. Finally, Vetr raised shares of QUALCOMM from a “buy” rating to a “strong-buy” rating and set a $62.13 price objective on the stock in a research report on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $63.96.
In related news, President Derek K. Aberle sold 22,251 shares of the company’s stock in a transaction dated 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 approximately $1,667,748.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total value of $245,911.20. The disclosure for this sale can be found here. Insiders have sold a total of 51,246 shares of company stock worth $2,868,825 over the last ninety days. 0.24% of the stock is currently owned by corporate 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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