CRA Financial Services LLC Decreases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)
CRA Financial Services LLC cut its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,550 shares of the wireless technology company’s stock after selling 90 shares during the quarter. CRA Financial Services LLC’s holdings in QUALCOMM were worth $1,006,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in QCOM. Hexavest Inc. grew its holdings in shares of QUALCOMM by 109.6% during the 2nd quarter. Hexavest Inc. now owns 327 shares of the wireless technology company’s stock worth $30,000 after acquiring an additional 171 shares during the period. Cordasco Financial Network grew its holdings in shares of QUALCOMM by 96.4% during the 3rd quarter. Cordasco Financial Network now owns 377 shares of the wireless technology company’s stock worth $44,000 after acquiring an additional 185 shares during the period. Hoover Financial Advisors Inc. purchased a new position in shares of QUALCOMM during the 2nd quarter worth approximately $46,000. S.A. Mason LLC grew its holdings in shares of QUALCOMM by 70.4% during the 2nd quarter. S.A. Mason LLC now owns 605 shares of the wireless technology company’s stock worth $55,000 after acquiring an additional 250 shares during the period. Finally, Tarbox Family Office Inc. grew its holdings in shares of QUALCOMM by 35.7% during the 2nd quarter. Tarbox Family Office Inc. now owns 616 shares of the wireless technology company’s stock worth $56,000 after acquiring an additional 162 shares during the period. Institutional investors own 74.79% of the company’s stock.
QCOM has been the topic of a number of research analyst reports. Exane BNP Paribas upgraded QUALCOMM from an “underperform” rating to an “outperform” rating and set a $140.00 target price on the stock in a report on Friday, September 25th. KeyCorp upped their price target on QUALCOMM from $125.00 to $145.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. BidaskClub upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research note on Wednesday, September 30th. BNP Paribas upgraded QUALCOMM from an “underperform” rating to an “outperform” rating and set a $140.00 price target on the stock in a research note on Friday, September 25th. Finally, Wells Fargo & Company upgraded QUALCOMM from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $90.00 to $120.00 in a research note on Tuesday, September 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. QUALCOMM has an average rating of “Buy” and a consensus target price of $121.58.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.15. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The business had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the business posted $0.80 EPS. QUALCOMM’s revenue for the quarter was down .1% compared to the same quarter last year. On average, sell-side analysts forecast that QUALCOMM Incorporated will post 3.2 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, December 3rd will be paid a $0.65 dividend. The ex-dividend date is Wednesday, December 2nd. This represents a $2.60 dividend on an annualized basis and a yield of 2.02%. QUALCOMM’s payout ratio is presently 91.55%.
In other news, President Cristiano R. Amon sold 20,530 shares of the firm’s stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $130.60, for a total transaction of $2,681,218.00. Following the completion of the transaction, the president now owns 50,753 shares in the company, valued at $6,628,341.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,925 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $102.42, for a total value of $401,998.50. Following the transaction, the chief financial officer now owns 17,790 shares of the company’s stock, valued at approximately $1,822,051.80. The disclosure for this sale can be found here. Insiders sold a total of 43,720 shares of company stock valued at $5,348,451 in the last quarter. 0.12% of the stock is currently owned by company insiders.
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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