Gradient Investments LLC Decreases Stake in Qualcomm Inc. (QCOM)
Gradient Investments LLC cut its position in Qualcomm Inc. (NASDAQ:QCOM) by 7.5% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 79,499 shares of the wireless technology company’s stock after selling 6,404 shares during the period. Gradient Investments LLC’s holdings in Qualcomm were worth $5,446,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of QCOM. Renaissance Technologies LLC bought a new stake in Qualcomm during the first quarter worth approximately $14,619,000. Iowa State Bank raised its position in Qualcomm by 4.7% in the second quarter. Iowa State Bank now owns 54,353 shares of the wireless technology company’s stock worth $2,912,000 after buying an additional 2,445 shares during the period. Integrated Investment Consultants LLC raised its position in Qualcomm by 37.3% in the second quarter. Integrated Investment Consultants LLC now owns 17,716 shares of the wireless technology company’s stock worth $949,000 after buying an additional 4,814 shares during the period. Stock Yards Bank & Trust Co. raised its position in Qualcomm by 259.4% in the second quarter. Stock Yards Bank & Trust Co. now owns 29,427 shares of the wireless technology company’s stock worth $1,576,000 after buying an additional 21,239 shares during the period. Finally, Pensionfund Sabic acquired a new position in Qualcomm during the second quarter worth $2,652,000. Institutional investors and hedge funds own 78.54% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded up 2.08% during trading on Wednesday, reaching $68.16. 12,239,137 shares of the company’s stock traded hands. Qualcomm Inc. has a one year low of $42.24 and a one year high of $71.62. The firm has a market cap of $100.66 billion, a price-to-earnings ratio of 17.89 and a beta of 1.36. The company has a 50 day moving average of $67.23 and a 200 day moving average of $60.96.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.15. The firm earned $9.17 billion during the quarter, compared to the consensus estimate of $5.84 billion. Qualcomm had a return on equity of 19.31% and a net margin of 24.22%. The firm’s quarterly revenue was up 68.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 earnings per share. Equities research analysts predict that Qualcomm Inc. will post $4.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be issued a $0.53 dividend. The ex-dividend date is Monday, November 28th. This represents a $2.12 annualized dividend and a dividend yield of 3.11%. Qualcomm’s payout ratio is currently 55.64%.
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QCOM has been the topic of a number of recent research reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Qualcomm in a research note on Monday, August 15th. Vetr raised shares of Qualcomm from a “hold” rating to a “buy” rating and set a $66.21 price objective on the stock in a research note on Wednesday, August 31st. Standpoint Research raised shares of Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Thursday, August 25th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Qualcomm in a research note on Wednesday, August 3rd. Finally, Mizuho raised shares of Qualcomm from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Thursday, September 29th. Seventeen analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $66.05.
In related news, EVP Matthew S. Grob sold 74,000 shares of Qualcomm stock in a transaction dated Thursday, September 29th. The stock was sold at an average price of $66.63, for a total value of $4,930,620.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Matthew S. Grob sold 2,000 shares of Qualcomm stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $62.30, for a total value of $124,600.00. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.
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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