QUALCOMM Incorporated (QCOM) Stake Lessened by New Mexico Educational Retirement Board
New Mexico Educational Retirement Board lessened its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 137,307 shares of the wireless technology company’s stock after selling 12,400 shares during the quarter. New Mexico Educational Retirement Board’s holdings in QUALCOMM were worth $7,303,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of QCOM. Stifel Financial Corp raised its stake in QUALCOMM by 47.4% during the first quarter. Stifel Financial Corp now owns 2,932,964 shares of the wireless technology company’s stock worth $168,002,000 after acquiring an additional 943,026 shares during the period. Private Asset Management Inc. raised its stake in QUALCOMM by 0.5% during the second quarter. Private Asset Management Inc. now owns 736,973 shares of the wireless technology company’s stock worth $40,696,000 after acquiring an additional 4,028 shares during the period. Pacer Advisors Inc. raised its stake in QUALCOMM by 18.1% during the first quarter. Pacer Advisors Inc. now owns 67,369 shares of the wireless technology company’s stock worth $3,863,000 after acquiring an additional 10,336 shares during the period. First Foundation Advisors raised its stake in QUALCOMM by 0.6% during the first quarter. First Foundation Advisors now owns 269,214 shares of the wireless technology company’s stock worth $15,437,000 after acquiring an additional 1,503 shares during the period. Finally, Swiss National Bank raised its stake in QUALCOMM by 27.5% during the first quarter. Swiss National Bank now owns 5,233,165 shares of the wireless technology company’s stock worth $300,070,000 after acquiring an additional 1,128,700 shares during the period. Institutional investors and hedge funds own 76.92% of the company’s stock.
Several equities research analysts recently weighed in on the stock. Northland Securities lowered shares of QUALCOMM from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $75.00 to $62.50 in a research note on Wednesday, June 28th. BMO Capital Markets reiterated a “market perform” rating and set a $54.00 price objective on shares of QUALCOMM in a research note on Monday, July 10th. Zacks Investment Research upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Rosenblatt Securities reiterated a “neutral” rating and set a $56.00 price objective on shares of QUALCOMM in a research note on Friday, June 30th. Finally, Wells Fargo & Company reiterated an “outperform” rating on shares of QUALCOMM in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $63.60.
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In related news, EVP Michelle M. Sterling sold 4,740 shares of QUALCOMM stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 5,810 shares of company stock valued at $301,596 over the last three months. 0.24% of the stock is currently owned by insiders.
Shares of QUALCOMM Incorporated (NASDAQ QCOM) opened at 52.49 on Monday. The firm has a 50 day moving average of $51.68 and a 200 day moving average of $54.47. QUALCOMM Incorporated has a 52 week low of $48.92 and a 52 week high of $71.62. The firm has a market cap of $77.48 billion, a price-to-earnings ratio of 20.10 and a beta of 1.28.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same period last year, the firm posted $1.16 EPS. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. Equities analysts predict that QUALCOMM Incorporated will post $4.16 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 4.34%. The ex-dividend date was Monday, August 28th. QUALCOMM’s dividend payout ratio is currently 87.36%.
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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