Van ECK Associates Corp Sells 247,965 Shares of QUALCOMM Incorporated (QCOM)
Van ECK Associates Corp trimmed its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 31.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 529,747 shares of the wireless technology company’s stock after selling 247,965 shares during the period. Van ECK Associates Corp’s holdings in QUALCOMM were worth $29,253,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in the business. Veritas Asset Management LLP bought a new position in shares of QUALCOMM during the second quarter valued at about $440,415,000. Baupost Group LLC MA bought a new position in shares of QUALCOMM during the first quarter valued at about $299,085,000. Nordea Investment Management AB lifted its position in shares of QUALCOMM by 589.4% during the first quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock valued at $339,007,000 after purchasing an additional 5,054,642 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of QUALCOMM by 30.8% during the first quarter. Schroder Investment Management Group now owns 6,562,412 shares of the wireless technology company’s stock valued at $375,369,000 after purchasing an additional 1,544,792 shares in the last quarter. Finally, First Eagle Investment Management LLC bought a new position in shares of QUALCOMM during the second quarter valued at about $82,556,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Matthew S. Grob sold 20,000 shares of QUALCOMM stock in a transaction on Monday, November 6th. The shares were sold at an average price of $60.44, for a total value of $1,208,800.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 21,097 shares of company stock valued at $1,266,138. Company insiders own 0.24% of the company’s stock.
A number of research analysts recently weighed in on the stock. J P Morgan Chase & Co reissued an “overweight” rating on shares of QUALCOMM in a research report on Wednesday, September 6th. BMO Capital Markets restated a “market perform” rating and set a $55.00 price objective on shares of QUALCOMM in a report on Thursday, August 24th. UBS AG decreased their price objective on shares of QUALCOMM from $58.00 to $53.00 and set a “buy” rating for the company in a report on Monday, November 6th. Mizuho restated a “buy” rating on shares of QUALCOMM in a report on Friday, October 27th. Finally, Wells Fargo & Company downgraded shares of QUALCOMM from an “outperform” rating to a “market perform” rating in a report on Monday, November 6th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $65.42.
Shares of QUALCOMM Incorporated (NASDAQ QCOM) opened at $66.47 on Tuesday. The firm has a market cap of $97,990.00, a P/E ratio of 17.65, a PEG ratio of 1.87 and a beta of 1.26. The company has a quick ratio of 3.81, a current ratio of 4.00 and a debt-to-equity ratio of 0.63. QUALCOMM Incorporated has a 1-year low of $48.92 and a 1-year high of $70.24.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.22. The firm had revenue of $5.96 billion during the quarter, compared to analyst estimates of $5.80 billion. QUALCOMM had a net margin of 2.86% and a return on equity of 2.19%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.28 EPS. research analysts predict that QUALCOMM Incorporated will post 3.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 29th will be issued a $0.57 dividend. The ex-dividend date is Tuesday, November 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.43%. QUALCOMM’s payout ratio is 138.18%.
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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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