Philadelphia Trust Co. Cuts Stake in QUALCOMM, Inc. (QCOM)
Philadelphia Trust Co. lowered its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 13.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 120,163 shares of the wireless technology company’s stock after selling 19,456 shares during the period. Philadelphia Trust Co.’s holdings in QUALCOMM were worth $6,744,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Aristotle Capital Management LLC purchased a new position in shares of QUALCOMM during the first quarter valued at $105,000. Squar Milner Financial Services LLC purchased a new position in shares of QUALCOMM during the second quarter valued at $106,000. Institutional & Family Asset Management LLC purchased a new position in shares of QUALCOMM during the first quarter valued at $121,000. Point72 Asia Hong Kong Ltd increased its stake in shares of QUALCOMM by 318.9% during the first quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock valued at $138,000 after buying an additional 1,891 shares during the period. Finally, Private Capital Group LLC increased its stake in shares of QUALCOMM by 83.2% during the first quarter. Private Capital Group LLC now owns 2,828 shares of the wireless technology company’s stock valued at $157,000 after buying an additional 1,284 shares during the period. Hedge funds and other institutional investors own 77.42% of the company’s stock.
Shares of NASDAQ QCOM opened at $68.69 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62. The stock has a market capitalization of $102.52 billion, a price-to-earnings ratio of 18.17, a price-to-earnings-growth ratio of 2.06 and a beta of 1.57. QUALCOMM, Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $70.49.
QUALCOMM announced that its board has approved a share buyback program on Wednesday, May 9th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the wireless technology company to buy up to 12.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Shareholders of record on Wednesday, September 5th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.61%. The ex-dividend date is Tuesday, September 4th. QUALCOMM’s dividend payout ratio is presently 65.61%.
In other QUALCOMM news, EVP Alexander H. Rogers sold 789 shares of the firm’s stock in a transaction dated Wednesday, June 27th. The stock was sold at an average price of $56.55, for a total value of $44,617.95. Following the completion of the sale, the executive vice president now owns 7,998 shares of the company’s stock, valued at $452,286.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 value of $52,495.20. Following the sale, the executive vice president now directly owns 7,170 shares of the company’s stock, valued at approximately $454,578. The disclosure for this sale can be found here. In the last three months, insiders sold 2,923 shares of company stock valued at $185,098. Corporate insiders own 0.17% of the company’s stock.
QCOM has been the topic of a number of recent research reports. Canaccord Genuity raised their price objective on QUALCOMM from $75.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, July 26th. Summit Insights raised QUALCOMM from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Zacks Investment Research raised QUALCOMM from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research report on Monday, July 30th. Finally, Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and raised their price objective for the company from $56.00 to $70.00 in a research report on Monday, August 20th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $67.34.
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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