Summit X LLC Purchases New Holdings in QUALCOMM, Inc. (QCOM)
Summit X LLC purchased a new stake in QUALCOMM, Inc. (NASDAQ:QCOM) during the second quarter, according to its most recent filing with the SEC. The firm purchased 3,800 shares of the wireless technology company’s stock, valued at approximately $214,000.
Several other large investors also recently made changes to their positions in QCOM. Telemus Capital LLC grew 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 buying an additional 787 shares during the last quarter. Ascension Asset Management LLC grew 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 buying an additional 800 shares during the last quarter. KCM Investment Advisors LLC grew its stake in QUALCOMM by 7.8% during the 2nd quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock worth $624,000 after buying an additional 808 shares during the last quarter. Bradley Foster & Sargent Inc. CT grew its stake in QUALCOMM by 2.9% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock worth $1,670,000 after buying an additional 825 shares during the last quarter. Finally, Securian Asset Management Inc grew its stake in QUALCOMM by 0.6% during the 2nd quarter. Securian Asset Management Inc now owns 150,716 shares of the wireless technology company’s stock worth $8,458,000 after buying an additional 832 shares during the last quarter. Institutional investors and hedge funds own 77.35% of the company’s stock.
QCOM has been the topic of several research analyst reports. Zacks Investment Research upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research note on Monday, July 30th. Canaccord Genuity boosted their price target on QUALCOMM from $75.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, July 26th. Summit Insights upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. ValuEngine upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. Finally, Rosenblatt Securities upgraded QUALCOMM from a “neutral” rating to a “buy” rating and boosted their price target for the company from $56.00 to $70.00 in a research note on Monday, August 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $71.02.
Shares of QCOM stock opened at $73.58 on Tuesday. The stock has a market capitalization of $108.27 billion, a PE ratio of 22.68, a P/E/G ratio of 2.18 and a beta of 1.66. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67. QUALCOMM, Inc. has a 52-week low of $48.56 and a 52-week high of $76.50.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.30. The business had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.19 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 EPS. equities research analysts expect that QUALCOMM, Inc. will post 3.11 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 26th. Stockholders of record on Wednesday, September 5th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, September 4th. This represents a $2.48 annualized dividend and a dividend yield of 3.37%. QUALCOMM’s dividend payout ratio (DPR) is presently 65.61%.
QUALCOMM declared that its board has authorized a share repurchase program on Thursday, July 26th that allows the company to repurchase $30.00 billion in shares. This repurchase authorization allows the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
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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