Mason Street Advisors LLC Purchases New Stake in Qualcomm Inc. (QCOM)
Mason Street Advisors LLC purchased a new stake in Qualcomm Inc. (NASDAQ:QCOM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 197,854 shares of the wireless technology company’s stock, valued at approximately $10,599,000.
Other hedge funds have also recently bought and sold shares of the company. Babson Capital Management LLC raised its stake in Qualcomm by 299.8% in the first quarter. Babson Capital Management LLC now owns 85,478 shares of the wireless technology company’s stock valued at $4,371,000 after buying an additional 64,100 shares in the last quarter. Eachwin Capital LP purchased a new stake in Qualcomm during the first quarter valued at about $487,000. Kelly Lawrence W & Associates Inc. CA raised its stake in Qualcomm by 9.9% in the first quarter. Kelly Lawrence W & Associates Inc. CA now owns 256,070 shares of the wireless technology company’s stock valued at $13,096,000 after buying an additional 23,050 shares in the last quarter. Quentec Asset Management LLC raised its stake in Qualcomm by 38.8% in the first quarter. Quentec Asset Management LLC now owns 208,240 shares of the wireless technology company’s stock valued at $10,649,000 after buying an additional 58,240 shares in the last quarter. Finally, EP Wealth Advisors Inc. raised its stake in Qualcomm by 28.4% in the first quarter. EP Wealth Advisors Inc. now owns 165,215 shares of the wireless technology company’s stock valued at $8,449,000 after buying an additional 36,548 shares in the last quarter. Institutional investors and hedge funds own 78.26% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) opened at 66.88 on Monday. The firm has a 50-day moving average of $66.82 and a 200 day moving average of $59.65. The company has a market cap of $98.77 billion, a price-to-earnings ratio of 17.55 and a beta of 1.36. Qualcomm Inc. has a 12 month low of $42.24 and a 12 month high of $71.62.
Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 2nd. The wireless technology company reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.15. Qualcomm had a net margin of 24.22% and a return on equity of 19.31%. The business earned $9.17 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same period in the prior year, the business earned $0.91 EPS. The company’s revenue for the quarter was up 68.2% on a year-over-year basis. On average, analysts expect that Qualcomm Inc. will post $4.76 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 annualized dividend and a yield of 3.17%. Qualcomm’s dividend payout ratio (DPR) is presently 55.64%.
Several analysts recently issued reports on the stock. BMO Capital Markets upgraded shares of Qualcomm from a “market perform” rating to an “outperform” rating and increased 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. RBC Capital Markets reiterated a “sector perform” rating and set a $70.00 price target on shares of Qualcomm in a research report on Friday, October 28th. Argus reissued a “buy” rating and issued a $73.00 price objective (up previously from $70.00) on shares of Qualcomm in a research note on Friday, September 30th. Vetr downgraded shares of Qualcomm from a “buy” rating to a “hold” rating and set a $71.00 price objective for the company. in a research note on Monday, October 3rd. Finally, Royal Bank Of Canada increased their price objective on shares of Qualcomm from $59.00 to $70.00 and gave the company a “sector perform” rating in a research note on Monday, October 3rd. Seventeen investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $66.14.
In other Qualcomm news, EVP James H. Thompson sold 10,000 shares of the company’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $60.94, for a total value of $609,400.00. Following the completion of the transaction, the executive vice president now directly owns 59,497 shares in the company, valued at approximately $3,625,747.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raymond V. Dittamore sold 18,000 shares of the company’s stock in a transaction on Friday, September 30th. The stock was sold at an average price of $68.39, for a total transaction of $1,231,020.00. Following the completion of the transaction, the director now 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 currently owned by company 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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