ING Groep NV Sells 64,923 Shares of QUALCOMM, Inc. (QCOM)
ING Groep NV lowered its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 16.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 318,609 shares of the wireless technology company’s stock after selling 64,923 shares during the quarter. ING Groep NV’s holdings in QUALCOMM were worth $17,880,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in QCOM. Aristotle Capital Management LLC purchased a new position in shares of QUALCOMM in the 1st quarter worth about $105,000. Squar Milner Financial Services LLC purchased a new position in shares of QUALCOMM in the 2nd quarter worth about $106,000. Institutional & Family Asset Management LLC purchased a new position in shares of QUALCOMM in the 1st quarter worth about $121,000. Point72 Asia Hong Kong Ltd raised its position in shares of QUALCOMM by 318.9% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock worth $138,000 after purchasing an additional 1,891 shares during the last quarter. Finally, Private Capital Group LLC raised its position in shares of QUALCOMM by 83.2% in the 1st quarter. Private Capital Group LLC now owns 2,828 shares of the wireless technology company’s stock worth $157,000 after purchasing an additional 1,284 shares during the last quarter. 77.42% of the stock is owned by institutional investors and hedge funds.
QCOM stock opened at $68.14 on Friday. QUALCOMM, Inc. has a twelve month low of $48.56 and a twelve month high of $70.49. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. The stock has a market cap of $102.52 billion, a PE ratio of 18.03, a P/E/G ratio of 2.06 and a beta of 1.57.
QUALCOMM declared that its board has authorized a share buyback plan on Wednesday, May 9th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to purchase up to 12.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 26th. Stockholders of record on Wednesday, September 5th will be given a dividend of $0.62 per share. The ex-dividend date is Tuesday, September 4th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.64%. QUALCOMM’s payout ratio is currently 65.61%.
In other news, EVP Alexander H. Rogers sold 828 shares of QUALCOMM stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the transaction, the executive vice president now directly owns 7,170 shares of the company’s stock, valued at approximately $454,578. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alexander H. Rogers sold 789 shares of QUALCOMM stock in a transaction dated Wednesday, June 27th. The shares were sold at an average price of $56.55, for a total value of $44,617.95. Following the transaction, the executive vice president now directly owns 7,998 shares in the company, valued at $452,286.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,923 shares of company stock worth $185,098. Insiders own 0.17% of the company’s stock.
Several research firms recently commented on QCOM. Canaccord Genuity lifted their price objective on QUALCOMM from $81.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 23rd. Rosenblatt Securities upgraded QUALCOMM from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $56.00 to $70.00 in a report on Monday, August 20th. Cowen upgraded QUALCOMM from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $64.00 to $80.00 in a report on Monday, August 6th. BidaskClub upgraded QUALCOMM from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Finally, Zacks Investment Research upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a report on Monday, July 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $67.34.
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.
See Also: Leveraged Buyout (LBO)
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