Maverick Capital Ltd. bought a new stake in QUALCOMM, Inc. (NASDAQ:QCOM) during the 2nd quarter, HoldingsChannel reports. The firm bought 78,330 shares of the wireless technology company’s stock, valued at approximately $5,959,000.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Weaver Consulting Group acquired a new position in shares of QUALCOMM during the first quarter valued at about $25,000. Meridian Wealth Management LLC acquired a new position in shares of QUALCOMM during the first quarter valued at about $26,000. Ibex Wealth Advisors acquired a new position in shares of QUALCOMM during the second quarter valued at about $28,000. Krane Funds Advisors LLC acquired a new position in shares of QUALCOMM during the second quarter valued at about $28,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new position in shares of QUALCOMM during the first quarter valued at about $29,000. Institutional investors and hedge funds own 78.45% of the company’s stock.
In related news, SVP Erin L. Polek sold 1,478 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $70.36, for a total value of $103,992.08. Following the sale, the senior vice president now owns 1,386 shares in the company, valued at approximately $97,518.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark D. Mclaughlin bought 2,705 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price of $73.84 per share, for a total transaction of $199,737.20. Following the acquisition, the director now directly owns 5,220 shares in the company, valued at $385,444.80. The disclosure for this purchase can be found here. Corporate insiders own 0.11% of the company’s stock.
Shares of QCOM traded down $0.08 on Monday, reaching $76.55. The company’s stock had a trading volume of 755,230 shares, compared to its average volume of 6,408,169. The company has a current ratio of 1.77, a quick ratio of 1.61 and a debt-to-equity ratio of 2.46. QUALCOMM, Inc. has a twelve month low of $49.10 and a twelve month high of $90.34. The stock has a market capitalization of $94.03 billion, a PE ratio of 24.00, a PEG ratio of 2.14 and a beta of 1.59. The firm has a fifty day moving average of $75.83 and a 200-day moving average of $72.27.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.02. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The firm’s revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts anticipate that QUALCOMM, Inc. will post 2.84 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 12th were issued a $0.62 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.24%. QUALCOMM’s dividend payout ratio is presently 77.74%.
QCOM has been the topic of several research reports. BidaskClub upgraded shares of QUALCOMM from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 7th. Deutsche Bank dropped their price objective on shares of QUALCOMM from $80.00 to $75.00 and set an “in-line” rating on the stock in a report on Thursday, August 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 price objective on shares of QUALCOMM in a report on Monday, July 22nd. Canaccord Genuity set a $87.00 price objective on shares of QUALCOMM and gave the company a “buy” rating in a report on Monday, August 26th. Finally, TheStreet upgraded shares of QUALCOMM from a “c+” rating to a “b-” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. QUALCOMM currently has an average rating of “Buy” and an average target price of $79.68.
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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