Qualcomm Inc. (QCOM) Shares Sold by Edinburgh Partners Ltd
Edinburgh Partners Ltd cut its stake in Qualcomm Inc. (NASDAQ:QCOM) by 19.7% during the third quarter, Holdings Channel reports. The institutional investor owned 1,035,234 shares of the wireless technology company’s stock after selling 254,430 shares during the period. Qualcomm comprises approximately 13.2% of Edinburgh Partners Ltd’s holdings, making the stock its 2nd largest position. Edinburgh Partners Ltd’s holdings in Qualcomm were worth $70,914,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Pinkerton Retirement Specialists LLC increased its position in Qualcomm by 3,479.3% in the second quarter. Pinkerton Retirement Specialists LLC now owns 2,076 shares of the wireless technology company’s stock worth $111,000 after buying an additional 2,018 shares in the last quarter. Krilogy Financial LLC increased its position in Qualcomm by 61.8% in the second quarter. Krilogy Financial LLC now owns 2,071 shares of the wireless technology company’s stock worth $111,000 after buying an additional 791 shares in the last quarter. Joel Isaacson & Co. LLC increased its position in Qualcomm by 4.9% in the second quarter. Joel Isaacson & Co. LLC now owns 2,219 shares of the wireless technology company’s stock worth $119,000 after buying an additional 103 shares in the last quarter. Americafirst Capital Management LLC purchased a new position in Qualcomm during the second quarter worth approximately $121,000. Finally, Delta Asset Management LLC TN increased its position in Qualcomm by 12.8% in the second quarter. Delta Asset Management LLC TN now owns 2,417 shares of the wireless technology company’s stock worth $129,000 after buying an additional 275 shares in the last quarter. 78.54% of the stock is owned by institutional investors.
Qualcomm Inc. (NASDAQ:QCOM) opened at 67.10 on Tuesday. The firm has a market cap of $99.10 billion, a price-to-earnings ratio of 17.61 and a beta of 1.36. The stock has a 50 day moving average price of $67.23 and a 200 day moving average price of $60.96. Qualcomm Inc. has a 52 week low of $42.24 and a 52 week high of $71.62.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, November 2nd. The wireless technology company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.13 by $0.15. The business earned $9.17 billion during the quarter, compared to analysts’ expectations of $5.84 billion. Qualcomm had a return on equity of 19.31% and a net margin of 24.22%. The company’s quarterly revenue was up 68.2% compared to the same quarter last year. During the same period last year, the firm earned $0.91 EPS. Equities research analysts expect 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 paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.15%. The ex-dividend date is Monday, November 28th. Qualcomm’s payout ratio is currently 55.64%.
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QCOM has been the subject of a number of analyst reports. Vetr upgraded Qualcomm from a “buy” rating to a “strong-buy” rating and set a $71.00 price target for the company in a research report on Monday, September 26th. BMO Capital Markets upgraded Qualcomm from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $53.00 to $70.00 in a research report on Friday, October 28th. They noted that the move was a valuation call. Canaccord Genuity raised their price target on Qualcomm from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 12th. Zacks Investment Research downgraded Qualcomm from a “buy” rating to a “hold” rating in a research report on Wednesday, September 21st. Finally, Standpoint Research upgraded Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Thursday, August 25th. Seventeen equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. Qualcomm currently has an average rating of “Buy” and a consensus target price of $66.05.
In related news, President Derek K. Aberle sold 20,874 shares of the firm’s stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $62.81, for a total value of $1,311,095.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Raymond V. Dittamore sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $68.39, for a total value of $1,231,020.00. Following the completion of the transaction, the director now directly owns 5,813 shares of the company’s stock, valued at $397,551.07. 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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