Seven Eight Capital LP grew its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 109.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 233,095 shares of the wireless technology company’s stock after purchasing an additional 121,900 shares during the quarter. QUALCOMM makes up approximately 1.0% of Seven Eight Capital LP’s holdings, making the stock its 2nd biggest holding. Seven Eight Capital LP’s holdings in QUALCOMM were worth $16,790,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Telemus Capital LLC boosted its stake in QUALCOMM by 8.7% during the 2nd quarter. Telemus Capital LLC now owns 9,860 shares of the wireless technology company’s stock worth $553,000 after acquiring an additional 787 shares during the last quarter. Ascension Asset Management LLC boosted its stake in QUALCOMM by 3.2% during the 2nd quarter. Ascension Asset Management LLC now owns 25,542 shares of the wireless technology company’s stock worth $1,433,000 after acquiring an additional 800 shares during the last quarter. Accurate Investment Solutions Inc. lifted its stake in QUALCOMM by 1.3% in the third quarter. Accurate Investment Solutions Inc. now owns 62,870 shares of the wireless technology company’s stock valued at $4,529,000 after buying an additional 804 shares in the last quarter. KCM Investment Advisors LLC lifted its stake in QUALCOMM by 7.8% in the second quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock valued at $624,000 after buying an additional 808 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT lifted its stake in QUALCOMM by 2.9% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock valued at $1,670,000 after buying an additional 825 shares in the last quarter. 77.56% of the stock is currently owned by institutional investors.

NASDAQ QCOM opened at $65.36 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. QUALCOMM, Inc. has a 12-month low of $48.56 and a 12-month high of $76.50. The company has a market capitalization of $95.71 billion, a PE ratio of 20.05, a price-to-earnings-growth ratio of 2.14 and a beta of 1.67.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.30. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same period last year, the company earned $0.83 earnings per share. The firm’s revenue was up 5.7% compared to the same quarter last year. On average, analysts predict that QUALCOMM, Inc. will post 3.12 EPS for the current fiscal year.

QUALCOMM announced that its board has initiated a share buyback plan on Thursday, July 26th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to purchase up to 34.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, EVP Alexander H. Rogers sold 1,306 shares of QUALCOMM stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $67.37, for a total value of $87,985.22. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Cristiano R. Amon sold 88,625 shares of QUALCOMM stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the sale, the president now owns 58,045 shares in the company, valued at $3,994,076.45. The disclosure for this sale can be found here. Insiders sold 91,613 shares of company stock worth $6,300,408 over the last quarter. 0.17% of the stock is owned by corporate insiders.

A number of research analysts have weighed in on QCOM shares. Canaccord Genuity lifted their price target on shares of QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 23rd. Cowen raised shares of QUALCOMM from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $64.00 to $80.00 in a research note on Monday, August 6th. Nomura lifted their price target on shares of QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, September 4th. Royal Bank of Canada lifted their price target on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a research note on Friday, September 7th. Finally, Rosenblatt Securities raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and lifted their price target for the company from $56.00 to $70.00 in a research note on Monday, August 20th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $71.12.

QUALCOMM Company Profile

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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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