Leavell Investment Management Inc. grew its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 20.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,336 shares of the wireless technology company’s stock after purchasing an additional 3,750 shares during the quarter. Leavell Investment Management Inc.’s holdings in QUALCOMM were worth $1,609,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Truvestments Capital LLC boosted its holdings in QUALCOMM by 6.1% in the third quarter. Truvestments Capital LLC now owns 21,919 shares of the wireless technology company’s stock worth $1,579,000 after acquiring an additional 1,267 shares in the last quarter. IFM Investors Pty Ltd raised its stake in shares of QUALCOMM by 11.0% in the third quarter. IFM Investors Pty Ltd now owns 74,228 shares of the wireless technology company’s stock worth $5,347,000 after purchasing an additional 7,353 shares during the last quarter. Managed Account Services Inc. purchased a new stake in shares of QUALCOMM in the third quarter worth approximately $234,000. Sterling Global Strategies LLC purchased a new stake in shares of QUALCOMM in the third quarter worth approximately $245,000. Finally, West Coast Financial LLC purchased a new stake in shares of QUALCOMM in the third quarter worth approximately $458,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Alexander H. Rogers sold 854 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $72.18, for a total value of $61,641.72. Following the completion of the transaction, the executive vice president now directly owns 5,197 shares in the company, valued at approximately $375,119.46. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Cristiano R. Amon sold 88,625 shares of the business’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the transaction, the president now owns 58,045 shares of the company’s stock, valued at $3,994,076.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 91,638 shares of company stock worth $6,302,079. Insiders own 0.24% of the company’s stock.
QCOM has been the subject of a number of research analyst reports. Canaccord Genuity increased their price target on QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 23rd. Cowen raised QUALCOMM from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $64.00 to $80.00 in a report on Monday, August 6th. Nomura increased their price objective on QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, September 4th. Royal Bank of Canada raised their price target on QUALCOMM to $77.00 and gave the stock an “outperform” rating in a report on Friday, September 7th. Finally, Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and raised their price target for the stock from $56.00 to $70.00 in a report on Monday, August 20th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. QUALCOMM presently has a consensus rating of “Hold” and an average price target of $72.57.
QUALCOMM stock opened at $63.63 on Wednesday. The company has a current ratio of 2.73, a quick ratio of 2.62 and a debt-to-equity ratio of 0.67. The company has a market cap of $93.04 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 1.97 and a beta of 1.69. QUALCOMM, Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $76.50.
QUALCOMM declared that its Board of Directors has authorized a share repurchase program on Thursday, July 26th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the wireless technology company to repurchase up to 34.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be given a dividend of $0.62 per share. The ex-dividend date is Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 3.90%. QUALCOMM’s payout ratio is 65.61%.
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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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