QUALCOMM, Inc. (QCOM) Holdings Cut by Commonwealth Equity Services LLC
Commonwealth Equity Services LLC reduced its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 5.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 443,790 shares of the wireless technology company’s stock after selling 26,832 shares during the period. Commonwealth Equity Services LLC’s holdings in QUALCOMM were worth $31,966,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. MinichMacGregor Wealth Management LLC grew its holdings in shares of QUALCOMM by 170.9% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock valued at $134,000 after acquiring an additional 1,167 shares in the last quarter. Kiley Juergens Wealth Management LLC grew its holdings in shares of QUALCOMM by 1,760.0% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock valued at $133,000 after acquiring an additional 1,760 shares in the last quarter. Squar Milner Financial Services LLC purchased a new position in shares of QUALCOMM during the 2nd quarter valued at $106,000. Enterprise Financial Services Corp grew its holdings in shares of QUALCOMM by 151.8% during the 3rd quarter. Enterprise Financial Services Corp now owns 1,992 shares of the wireless technology company’s stock valued at $143,000 after acquiring an additional 1,201 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of QUALCOMM during the 3rd quarter valued at $152,000. 76.75% of the stock is currently owned by institutional investors.
Several equities analysts have recently commented on QCOM shares. Zacks Investment Research upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a report on Monday, July 30th. Canaccord Genuity upped their price objective on shares of QUALCOMM from $75.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. Summit Insights upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. ValuEngine upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Finally, Rosenblatt Securities upgraded shares of QUALCOMM from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $56.00 to $70.00 in a report on Monday, August 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. QUALCOMM has a consensus rating of “Hold” and a consensus target price of $70.86.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.20. The firm had revenue of $5.83 billion during the quarter, compared to analyst estimates of $5.54 billion. QUALCOMM had a negative net margin of 21.40% and a positive return on equity of 26.21%. The business’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 EPS. As a group, equities analysts anticipate that QUALCOMM, Inc. will post 2.8 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s dividend payout ratio is 77.74%.
QUALCOMM declared that its board has authorized a share buyback program on Thursday, July 26th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the wireless technology company to buy up to 34.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other QUALCOMM news, President Cristiano R. Amon sold 88,625 shares of the business’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the transaction, the president now owns 58,045 shares of the company’s stock, valued at approximately $3,994,076.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Alexander H. Rogers sold 854 shares of the business’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total transaction of $61,641.72. Following the transaction, the executive vice president now directly owns 5,197 shares of the company’s stock, valued at approximately $375,119.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,638 shares of company stock valued at $6,302,079. Company insiders own 0.24% of the company’s stock.
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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