Eagle Ridge Investment Management Cuts Holdings in QUALCOMM Incorporated (QCOM)
Eagle Ridge Investment Management lowered its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 58.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,928 shares of the wireless technology company’s stock after selling 123,164 shares during the quarter. Eagle Ridge Investment Management’s holdings in QUALCOMM were worth $4,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. WealthTrust Axiom LLC increased its holdings in shares of QUALCOMM by 0.3% in the first quarter. WealthTrust Axiom LLC now owns 5,804 shares of the wireless technology company’s stock worth $332,000 after buying an additional 15 shares during the period. Ronald Blue & Co. LLC boosted its holdings in QUALCOMM by 0.5% during the 2nd quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock valued at $208,000 after acquiring an additional 18 shares during the period. Hollencrest Securities LLC boosted its holdings in QUALCOMM by 0.9% during the 2nd quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock valued at $241,000 after acquiring an additional 40 shares during the period. North Star Investment Management Corp. boosted its holdings in QUALCOMM by 0.4% during the 2nd quarter. North Star Investment Management Corp. now owns 9,459 shares of the wireless technology company’s stock valued at $522,000 after acquiring an additional 42 shares during the period. Finally, FCA Corp TX boosted its holdings in QUALCOMM by 0.9% during the 1st quarter. FCA Corp TX now owns 4,817 shares of the wireless technology company’s stock valued at $276,000 after acquiring an additional 43 shares during the period. 76.97% of the stock is owned by institutional investors and hedge funds.
QUALCOMM Incorporated (NASDAQ QCOM) opened at 52.02 on Wednesday. The stock has a 50 day moving average price of $51.76 and a 200 day moving average price of $54.55. The company has a market cap of $76.78 billion, a P/E ratio of 19.92 and a beta of 1.28. QUALCOMM Incorporated has a 1-year low of $48.92 and a 1-year high of $71.62.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.81 by $0.02. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm’s revenue was down 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.16 earnings per share. On average, equities research analysts anticipate that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, August 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.38%. QUALCOMM’s payout ratio is currently 87.36%.
Several research firms recently issued reports on QCOM. Vetr upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $60.45 price target on the stock in a research report on Wednesday, June 7th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $67.00 price objective (up previously from $61.00) on shares of QUALCOMM in a research note on Sunday, June 18th. Deutsche Bank AG began coverage on QUALCOMM in a research note on Monday, June 19th. They set a “hold” rating and a $62.00 price objective for the company. Zacks Investment Research lowered QUALCOMM from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 20th. Finally, ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $63.60.
In related news, EVP Michelle M. Sterling sold 4,740 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $51.88, for a total value of $245,911.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Derek K. Aberle sold 23,104 shares of the business’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the completion of the transaction, the president now owns 5,855 shares of the company’s stock, valued at $324,249.90. The disclosure for this sale can be found here. In the last three months, insiders sold 28,914 shares of company stock valued at $1,581,095. Insiders own 0.24% of the company’s stock.
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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