LSV Asset Management trimmed its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 76.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 39,800 shares of the wireless technology company’s stock after selling 128,400 shares during the period. LSV Asset Management’s holdings in QUALCOMM were worth $2,205,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in QCOM. Barrow Hanley Mewhinney & Strauss LLC grew its position in QUALCOMM by 2.0% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 25,674,098 shares of the wireless technology company’s stock worth $1,330,946,000 after buying an additional 498,324 shares during the period. Capital International Investors grew its position in QUALCOMM by 41.8% during the third quarter. Capital International Investors now owns 21,455,439 shares of the wireless technology company’s stock worth $1,112,250,000 after buying an additional 6,322,645 shares during the period. Geode Capital Management LLC grew its position in QUALCOMM by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 16,243,388 shares of the wireless technology company’s stock worth $1,037,808,000 after buying an additional 498,411 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in QUALCOMM by 4.8% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 11,624,300 shares of the wireless technology company’s stock worth $744,188,000 after buying an additional 534,600 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in QUALCOMM by 21.2% during the third quarter. Dimensional Fund Advisors LP now owns 11,218,088 shares of the wireless technology company’s stock worth $581,538,000 after buying an additional 1,964,525 shares during the period. 76.99% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Alexander H. Rogers sold 1,052 shares of QUALCOMM stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $59.55, for a total transaction of $62,646.60. Following the sale, the executive vice president now owns 8,787 shares of the company’s stock, valued at approximately $523,265.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alexander H. Rogers sold 662 shares of QUALCOMM stock in a transaction on Friday, April 27th. The stock was sold at an average price of $50.75, for a total transaction of $33,596.50. Following the sale, the executive vice president now directly owns 8,132 shares in the company, valued at approximately $412,699. The disclosure for this sale can be found here. In the last three months, insiders sold 30,129 shares of company stock worth $1,605,378. Insiders own 0.24% of the company’s stock.
Several 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, April 23rd. Canaccord Genuity reiterated a “buy” rating and issued a $79.00 price target (down from $86.00) on shares of QUALCOMM in a research report on Friday, April 20th. Royal Bank of Canada reiterated a “buy” rating and issued a $75.00 price target on shares of QUALCOMM in a research report on Tuesday, April 24th. BMO Capital Markets lowered their price target on shares of QUALCOMM from $70.00 to $55.00 and set a “market perform” rating on the stock in a research report on Thursday, April 26th. Finally, Stifel Nicolaus lowered their price target on shares of QUALCOMM from $56.00 to $54.00 and set a “hold” rating on the stock in a research report on Thursday, April 26th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the company. QUALCOMM presently has a consensus rating of “Hold” and an average target price of $63.67.
QUALCOMM traded up $0.24, reaching $59.46, during trading hours on Thursday, Marketbeat.com reports. 8,258,294 shares of the company were exchanged, compared to its average volume of 11,788,142. The company has a quick ratio of 3.46, a current ratio of 3.60 and a debt-to-equity ratio of 0.81. The company has a market cap of $88.87 billion, a P/E ratio of 15.73, a P/E/G ratio of 1.93 and a beta of 1.50. QUALCOMM, Inc. has a 52-week low of $48.56 and a 52-week high of $69.28.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.10. QUALCOMM had a negative net margin of 20.16% and a positive return on equity of 16.48%. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.21 billion. During the same quarter last year, the firm posted $1.34 earnings per share. QUALCOMM’s revenue was down 13.3% on a year-over-year basis. research analysts forecast that QUALCOMM, Inc. will post 2.71 earnings per share for the current fiscal year.
QUALCOMM announced that its board has initiated a stock buyback program on Wednesday, May 9th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to buy up to 12.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, May 30th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend is Tuesday, May 29th. This is an increase from QUALCOMM’s previous quarterly dividend of $0.57. QUALCOMM’s dividend payout ratio (DPR) is currently 65.61%.
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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