Quantum Capital Management Grows Holdings in Qualcomm (QCOM)
Quantum Capital Management raised its position in Qualcomm (NASDAQ:QCOM) by 23.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,127 shares of the wireless technology company’s stock after acquiring an additional 3,288 shares during the quarter. Quantum Capital Management’s holdings in Qualcomm were worth $949,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Garde Capital Inc. grew its position in Qualcomm by 77.8% in the 3rd quarter. Garde Capital Inc. now owns 17,252 shares of the wireless technology company’s stock valued at $894,000 after acquiring an additional 7,547 shares in the last quarter. Global Financial Private Capital LLC grew its position in shares of Qualcomm by 8.1% during the fourth quarter. Global Financial Private Capital LLC now owns 39,953 shares of the wireless technology company’s stock worth $2,558,000 after buying an additional 3,000 shares in the last quarter. Ffcm LLC grew its position in shares of Qualcomm by 44.7% during the third quarter. Ffcm LLC now owns 101,475 shares of the wireless technology company’s stock worth $5,261,000 after buying an additional 31,326 shares in the last quarter. Iberiabank Corp grew its position in shares of Qualcomm by 10.5% during the third quarter. Iberiabank Corp now owns 62,137 shares of the wireless technology company’s stock worth $3,224,000 after buying an additional 5,928 shares in the last quarter. Finally, Stephens Inc. AR grew its position in shares of Qualcomm by 8.9% during the third quarter. Stephens Inc. AR now owns 125,754 shares of the wireless technology company’s stock worth $6,519,000 after buying an additional 10,271 shares in the last quarter. 78.21% of the stock is owned by institutional investors.
Shares of Qualcomm opened at $55.64 on Wednesday, according to Marketbeat. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.60 and a quick ratio of 3.46. The company has a market capitalization of $84.12 billion, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 1.82 and a beta of 1.47. Qualcomm has a 52-week low of $55.23 and a 52-week high of $56.79.
Qualcomm announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 9th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the wireless technology company to buy up to 12.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Wednesday, May 30th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, May 29th. This represents a $2.48 dividend on an annualized basis and a yield of 4.46%. This is a boost from Qualcomm’s previous quarterly dividend of $0.57. Qualcomm’s payout ratio is currently 60.32%.
In other Qualcomm news, President Cristiano R. Amon sold 16,082 shares of the business’s stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $53.04, for a total value of $852,989.28. Following the completion of the sale, the president now owns 37,233 shares in the company, valued at $1,974,838.32. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Alexander H. Rogers sold 662 shares of the business’s stock in a transaction that occurred on Friday, April 27th. The shares were sold at an average price of $50.75, for a total value of $33,596.50. Following the completion of the sale, the executive vice president now owns 8,132 shares of the company’s stock, valued at approximately $412,699. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,383 shares of company stock valued at $4,762,616. 0.24% of the stock is owned by company insiders.
A number of equities analysts have recently commented on the company. UBS lowered their price objective on Qualcomm from $56.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, April 26th. BidaskClub raised Qualcomm from a “strong sell” rating to a “sell” rating in a research report on Monday. ValuEngine downgraded Qualcomm from a “buy” rating to a “hold” rating in a research report on Monday, April 23rd. Stifel Nicolaus lowered their price objective on Qualcomm from $56.00 to $54.00 and set a “hold” rating for the company in a research report on Thursday, April 26th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $75.00 price objective on shares of Qualcomm in a research report on Tuesday, April 24th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $64.17.
Qualcomm Company Profile
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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