Gemmer Asset Management LLC lowered its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 13.1% during the second quarter, HoldingsChannel reports. The firm owned 1,794 shares of the wireless technology company’s stock after selling 270 shares during the period. Gemmer Asset Management LLC’s holdings in QUALCOMM were worth $136,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Weaver Consulting Group purchased a new position in QUALCOMM in the 1st quarter valued at $25,000. Hexavest Inc. acquired a new position in QUALCOMM in the 2nd quarter valued at about $33,000. Lenox Wealth Advisors LLC purchased a new position in shares of QUALCOMM in the 2nd quarter valued at about $34,000. Meridian Wealth Management LLC purchased a new position in shares of QUALCOMM in the 1st quarter valued at about $26,000. Finally, Farmers National Bank purchased a new position in shares of QUALCOMM in the 1st quarter valued at about $26,000. Institutional investors own 76.24% of the company’s stock.
In related news, EVP Alexander H. Rogers sold 20,862 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $88.43, for a total transaction of $1,844,826.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Clark T. Jr. Randt sold 2,000 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $89.58, for a total value of $179,160.00. The disclosure for this sale can be found here. Insiders sold 87,489 shares of company stock worth $7,603,985 over the last 90 days. Company insiders own 0.11% of the company’s stock.
A number of brokerages have weighed in on QCOM. Canaccord Genuity reiterated a “buy” rating on shares of Toronto-Dominion Bank in a research note on Thursday, May 23rd. Goldman Sachs Group upgraded Lenovo Group from a “neutral” rating to a “buy” rating in a research report on Thursday, May 23rd. They noted that the move was a valuation call. Evercore ISI upgraded QUALCOMM from an “in-line” rating to an “outperform” rating in a research report on Wednesday, April 17th. BidaskClub upgraded WhiteHorse Finance from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $84.00 target price on shares of QUALCOMM in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $79.31.
Shares of NASDAQ:QCOM traded up $0.03 on Friday, hitting $75.38. The company had a trading volume of 5,915,291 shares, compared to its average volume of 11,852,561. The company has a debt-to-equity ratio of 3.98, a quick ratio of 1.39 and a current ratio of 1.55. QUALCOMM, Inc. has a 52-week low of $49.10 and a 52-week high of $90.34. The business has a 50 day moving average of $73.66. The firm has a market capitalization of $91.31 billion, a P/E ratio of 23.63, a PEG ratio of 1.63 and a beta of 1.63.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.07. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The business had revenue of $4.88 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the prior year, the business earned $0.80 earnings per share. The business’s revenue was down 5.9% on a year-over-year basis. On average, research analysts predict that QUALCOMM, Inc. will post 3.31 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be given a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $2.48 annualized dividend and a dividend yield of 3.29%. QUALCOMM’s dividend payout ratio is currently 77.74%.
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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