Flossbach Von Storch AG Decreases Stake in Qualcomm Inc. (QCOM)
Flossbach Von Storch AG decreased its stake in Qualcomm Inc. (NASDAQ:QCOM) by 87.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 571,800 shares of the wireless technology company’s stock after selling 4,172,008 shares during the period. Qualcomm makes up about 0.5% of Flossbach Von Storch AG’s holdings, making the stock its 26th largest position. Flossbach Von Storch AG’s holdings in Qualcomm were worth $30,631,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Orbis Allan Gray Ltd purchased a new position in Qualcomm during the first quarter valued at $865,645,000. Bank of Montreal Can purchased a new position in Qualcomm during the second quarter valued at $87,048,000. Los Angeles Capital Management & Equity Research Inc. increased its position in Qualcomm by 410.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,894,139 shares of the wireless technology company’s stock valued at $96,866,000 after buying an additional 1,523,303 shares during the last quarter. Loomis Sayles & Co. L P increased its position in Qualcomm by 7.7% in the first quarter. Loomis Sayles & Co. L P now owns 14,010,095 shares of the wireless technology company’s stock valued at $716,476,000 after buying an additional 1,003,767 shares during the last quarter. Finally, AMF Pensionsforsakring AB increased its position in Qualcomm by 119.9% in the first quarter. AMF Pensionsforsakring AB now owns 1,610,706 shares of the wireless technology company’s stock valued at $82,372,000 after buying an additional 878,363 shares during the last quarter. Institutional investors own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded down 0.54% during midday trading on Thursday, hitting $65.70. The company had a trading volume of 7,149,838 shares. The firm has a market capitalization of $96.82 billion, a P/E ratio of 19.24 and a beta of 1.25. The company has a 50 day moving average price of $63.99 and a 200 day moving average price of $57.17. Qualcomm Inc. has a 1-year low of $42.24 and a 1-year high of $70.40.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.19. The company earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $0.99 EPS. Equities research analysts forecast that Qualcomm Inc. will post $4.30 earnings per share for the current fiscal 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 paid a $0.53 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a yield of 3.21%. Qualcomm’s dividend payout ratio (DPR) is 62.17%.
QCOM has been the subject of several research reports. Vetr upgraded Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 price target for the company in a research note on Monday, September 12th. Canaccord Genuity reissued a “buy” rating and set a $70.00 price objective on shares of Qualcomm in a report on Monday, August 15th. Zacks Investment Research raised Qualcomm from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Tuesday, July 26th. Mizuho raised Qualcomm from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, September 29th. Finally, TheStreet cut Qualcomm from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $64.20.
In related news, EVP Matthew S. Grob sold 33,000 shares of the firm’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $59.85, for a total value of $1,975,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matthew S. Grob sold 2,000 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $68.18, for a total value of $136,360.00. 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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