Parsec Financial Management Inc. Acquires 3,344 Shares of Qualcomm Inc. (QCOM)
Parsec Financial Management Inc. raised its stake in Qualcomm Inc. (NASDAQ:QCOM) by 1.7% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 205,206 shares of the wireless technology company’s stock after buying an additional 3,344 shares during the period. Parsec Financial Management Inc.’s holdings in Qualcomm were worth $10,993,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the company. CapWealth Advisors LLC boosted its stake in shares of Qualcomm by 37.8% in the first quarter. CapWealth Advisors LLC now owns 2,188 shares of the wireless technology company’s stock valued at $112,000 after buying an additional 600 shares during the period. Joel Isaacson & Co. LLC boosted its position in shares of Qualcomm by 4.9% in the second quarter. Joel Isaacson & Co. LLC now owns 2,219 shares of the wireless technology company’s stock valued at $119,000 after buying an additional 103 shares during the last quarter. Americafirst Capital Management LLC purchased a new position in shares of Qualcomm during the second quarter valued at $121,000. Delta Asset Management LLC TN boosted its position in shares of 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 valued at $129,000 after buying an additional 275 shares during the last quarter. Finally, Zions Bancorporation boosted its position in shares of Qualcomm by 287.3% in the first quarter. Zions Bancorporation now owns 3,013 shares of the wireless technology company’s stock valued at $155,000 after buying an additional 2,235 shares during the last quarter. 78.05% of the stock is currently owned by institutional investors.
Shares of Qualcomm Inc. (NASDAQ:QCOM) remained flat at $65.70 during mid-day trading on Friday. The stock had a trading volume of 6,743,106 shares. The firm’s 50-day moving average price is $64.16 and its 200 day moving average price is $57.34. The firm has a market capitalization of $96.82 billion, a P/E ratio of 19.24 and a beta of 1.25. Qualcomm Inc. has a 12-month low of $42.24 and a 12-month high of $70.40.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the previous year, the business earned $0.99 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, analysts forecast that Qualcomm Inc. will post $4.30 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s dividend payout ratio is presently 62.17%.
QCOM has been the topic of several recent research reports. Standpoint Research cut shares of Qualcomm from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. RBC Capital Markets reissued a “sector perform” rating and set a $70.00 price target (up previously from $59.00) on shares of Qualcomm in a research report on Monday, October 3rd. Bank of America Corp. reissued a “buy” rating on shares of Qualcomm in a research report on Monday, July 18th. Vetr raised shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 price target on the stock in a research report on Monday, September 12th. Finally, Canaccord Genuity boosted their price target on shares of Qualcomm from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $64.12.
In other news, EVP Matthew S. Grob sold 2,000 shares of the business’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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Matthew S. Grob sold 74,000 shares of the business’s stock in a transaction on Thursday, September 29th. The stock was sold at an average price of $66.63, for a total value of $4,930,620.00. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.
Qualcomm Company Profile
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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