Matthew 25 Management Corp grew its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 9.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 126,000 shares of the wireless technology company’s stock after purchasing an additional 11,000 shares during the quarter. QUALCOMM makes up approximately 4.9% of Matthew 25 Management Corp’s holdings, making the stock its 10th biggest holding. Matthew 25 Management Corp’s holdings in QUALCOMM were worth $18,009,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. JNBA Financial Advisors increased its stake in shares of QUALCOMM by 0.6% during the 2nd quarter. JNBA Financial Advisors now owns 11,556 shares of the wireless technology company’s stock worth $1,652,000 after purchasing an additional 70 shares during the last quarter. Sentinel Trust Co. LBA increased its stake in shares of QUALCOMM by 1.1% during the 2nd quarter. Sentinel Trust Co. LBA now owns 6,177 shares of the wireless technology company’s stock worth $883,000 after purchasing an additional 70 shares during the last quarter. Iowa State Bank increased its stake in shares of QUALCOMM by 0.4% during the 2nd quarter. Iowa State Bank now owns 17,367 shares of the wireless technology company’s stock worth $2,482,000 after purchasing an additional 75 shares during the last quarter. Winch Advisory Services LLC increased its stake in shares of QUALCOMM by 15.7% during the 2nd quarter. Winch Advisory Services LLC now owns 552 shares of the wireless technology company’s stock worth $79,000 after purchasing an additional 75 shares during the last quarter. Finally, Roberts Glore & Co. Inc. IL increased its stake in shares of QUALCOMM by 3.2% during the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 2,415 shares of the wireless technology company’s stock worth $345,000 after purchasing an additional 75 shares during the last quarter. Institutional investors and hedge funds own 71.77% of the company’s stock.
A number of research firms recently issued reports on QCOM. Susquehanna Bancshares reiterated a “hold” rating and issued a $157.00 target price on shares of QUALCOMM in a research note on Thursday, July 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $190.00 target price on shares of QUALCOMM in a research note on Monday, August 2nd. Jefferies Financial Group began coverage on shares of QUALCOMM in a research note on Friday, October 1st. They issued a “hold” rating and a $137.00 target price on the stock. The Goldman Sachs Group upgraded shares of QUALCOMM from a “sell” rating to a “neutral” rating and raised their target price for the company from $136.00 to $148.00 in a research note on Monday, July 19th. Finally, Wells Fargo & Company reduced their price target on shares of QUALCOMM from $155.00 to $138.00 and set an “equal weight” rating for the company in a report on Tuesday. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $167.35.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 28th. The wireless technology company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.24. The firm had revenue of $8.06 billion during the quarter, compared to analysts’ expectations of $7.58 billion. QUALCOMM had a net margin of 28.25% and a return on equity of 102.31%. As a group, sell-side analysts anticipate that QUALCOMM Incorporated will post 7.23 EPS for the current fiscal year.
QUALCOMM declared that its board has authorized a stock repurchase program on Tuesday, October 12th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to reacquire up to 7.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 16th. Stockholders of record on Thursday, December 2nd will be given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Wednesday, December 1st. QUALCOMM’s dividend payout ratio is 81.44%.
QUALCOMM Company Profile
QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.
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