Toronto Dominion Bank Sells 96,739 Shares of QUALCOMM, Inc. (NASDAQ:QCOM)
Toronto Dominion Bank reduced its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 10.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 829,103 shares of the wireless technology company’s stock after selling 96,739 shares during the period. Toronto Dominion Bank owned about 0.07% of QUALCOMM worth $63,054,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Weaver Consulting Group purchased a new stake in QUALCOMM during the 1st quarter valued at $25,000. Farmers National Bank bought a new position in shares of QUALCOMM during the first quarter valued at about $26,000. Meridian Wealth Management LLC bought a new position in shares of QUALCOMM during the first quarter valued at about $26,000. Ibex Wealth Advisors purchased a new stake in shares of QUALCOMM during the second quarter worth about $28,000. Finally, Krane Funds Advisors LLC purchased a new stake in shares of QUALCOMM during the second quarter worth about $28,000. 78.73% of the stock is currently owned by institutional investors and hedge funds.
In other QUALCOMM news, SVP Erin L. Polek sold 1,478 shares of QUALCOMM stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $70.36, for a total transaction of $103,992.08. Following the completion of the transaction, the senior vice president now owns 1,386 shares in the company, valued at $97,518.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark D. Mclaughlin acquired 2,705 shares of the stock in a transaction on Wednesday, August 28th. The shares were bought at an average price of $73.84 per share, with a total value of $199,737.20. Following the purchase, the director now directly owns 5,220 shares of the company’s stock, valued at approximately $385,444.80. The disclosure for this purchase can be found here. 0.11% of the stock is currently owned by corporate insiders.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.02. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.12 billion. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The company’s revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 EPS. As a group, analysts predict that QUALCOMM, Inc. will post 2.84 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Wednesday, September 11th. QUALCOMM’s payout ratio is currently 77.74%.
Several analysts recently issued reports on the company. Barclays cut QUALCOMM from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $90.00 to $75.00 in a research note on Thursday, July 18th. DZ Bank reiterated a “sell” rating on shares of QUALCOMM in a report on Friday, August 2nd. Edward Jones cut QUALCOMM from a “hold” rating to a “sell” rating and set a $69.31 price objective for the company. in a report on Thursday, May 23rd. BidaskClub upgraded QUALCOMM from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, TheStreet raised QUALCOMM from a “c+” rating to a “b-” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. QUALCOMM currently has an average rating of “Buy” and an average target price of $79.68.
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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