British Airways Pensions Investment Management Ltd Trims Stock Holdings in QUALCOMM, Inc. (NASDAQ:QCOM)
British Airways Pensions Investment Management Ltd trimmed its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 15.5% in the third quarter, Holdings Channel reports. The institutional investor owned 51,052 shares of the wireless technology company’s stock after selling 9,393 shares during the quarter. British Airways Pensions Investment Management Ltd’s holdings in QUALCOMM were worth $3,894,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the stock. Ibex Wealth Advisors purchased a new position in shares of QUALCOMM during the 2nd quarter valued at $28,000. Krane Funds Advisors LLC purchased a new position in shares of QUALCOMM during the 2nd quarter valued at $28,000. Hexavest Inc. purchased a new position in shares of QUALCOMM during the 2nd quarter valued at $33,000. Lenox Wealth Advisors LLC purchased a new position in shares of QUALCOMM during the 2nd quarter valued at $34,000. Finally, Mechanics Bank Trust Department purchased a new position in shares of QUALCOMM during the 3rd quarter valued at $34,000. Institutional investors and hedge funds own 78.30% of the company’s stock.
A number of research firms have recently commented on QCOM. ValuEngine lowered shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Monday, October 7th. Bank of America cut their target price on shares of QUALCOMM from $105.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Royal Bank of Canada upped their target price on shares of QUALCOMM to $88.00 and gave the stock a “sector perform” rating in a research report on Thursday. Canaccord Genuity upped their target price on shares of QUALCOMM from $87.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, BidaskClub upgraded shares of QUALCOMM from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 7th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $85.18.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.71 by $0.07. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The firm had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The company’s quarterly revenue was down 17.2% compared to the same quarter last year. As a group, sell-side analysts forecast that QUALCOMM, Inc. will post 3.29 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Wednesday, December 4th. QUALCOMM’s dividend payout ratio is currently 87.32%.
In other QUALCOMM news, Director Mark D. Mclaughlin acquired 2,705 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were acquired at an average price of $73.84 per share, for a total transaction of $199,737.20. Following the completion of the acquisition, the director now owns 5,220 shares in the company, valued at $385,444.80. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Cristiano R. Amon sold 8,611 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $80.03, for a total transaction of $689,138.33. Following the completion of the sale, the president now owns 50,434 shares in the company, valued at approximately $4,036,233.02. The disclosure for this sale can be found here. Insiders have sold 19,118 shares of company stock worth $1,477,392 in the last quarter. 0.11% of the stock is owned by corporate insiders.
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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