Huntington National Bank Sells 135,348 Shares of Qualcomm Inc. (QCOM)
Huntington National Bank cut its position in shares of Qualcomm Inc. (NASDAQ:QCOM) by 37.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 223,788 shares of the wireless technology company’s stock after selling 135,348 shares during the period. Huntington National Bank’s holdings in Qualcomm were worth $11,988,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CapWealth Advisors LLC raised its position in Qualcomm by 37.8% in the first quarter. CapWealth Advisors LLC now owns 2,188 shares of the wireless technology company’s stock worth $112,000 after buying an additional 600 shares during the period. Joel Isaacson & Co. LLC raised 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 during the period. Americafirst Capital Management LLC bought a new position in Qualcomm during the second quarter worth about $121,000. Delta Asset Management LLC TN raised 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 during the period. Finally, Zions Bancorporation raised its position in Qualcomm by 287.3% in the first quarter. Zions Bancorporation now owns 3,013 shares of the wireless technology company’s stock worth $155,000 after buying an additional 2,235 shares during the period. Hedge funds and other institutional investors own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded down 0.05% during midday trading on Wednesday, reaching $66.06. 5,398,559 shares of the company traded hands. The firm has a market capitalization of $97.35 billion, a price-to-earnings ratio of 19.34 and a beta of 1.25. The firm’s 50 day moving average price is $63.90 and its 200 day moving average price is $57.10. Qualcomm Inc. has a 12 month low of $42.24 and a 12 month high of $70.40.
Qualcomm (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.97 by $0.19. The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.99 EPS. On average, analysts expect that Qualcomm Inc. will post $4.30 earnings per share for the current year.
The company also recently announced 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 yield of 3.21%. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.
A number of brokerages have issued reports on QCOM. Royal Bank Of Canada lifted their price target on Qualcomm from $55.00 to $59.00 and gave the stock an “outperform” rating in a report on Thursday, July 21st. Nomura reaffirmed a “neutral” rating and set a $55.00 price target on shares of Qualcomm in a report on Thursday, July 21st. Stifel Nicolaus lifted their price target on Qualcomm from $59.00 to $67.00 and gave the stock a “buy” rating in a report on Thursday, July 21st. Mizuho lifted their price target on Qualcomm from $50.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, July 21st. Finally, Sanford C. Bernstein reaffirmed a “hold” rating on shares of Qualcomm in a report on Thursday, September 8th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $64.20.
In related news, EVP Matthew S. Grob sold 33,000 shares of Qualcomm stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $59.85, for a total value of $1,975,050.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP James H. Thompson sold 10,000 shares of Qualcomm stock in a transaction on Friday, September 9th. The stock was sold at an average price of $60.94, for a total transaction of $609,400.00. Following the completion of the transaction, the executive vice president now owns 59,497 shares in the company, valued at approximately $3,625,747.18. The disclosure for this sale can be found here. 0.24% of the stock is currently 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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