Cim Investment Management Inc. boosted its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 86.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,208 shares of the wireless technology company’s stock after acquiring an additional 3,812 shares during the period. Cim Investment Management Inc.’s holdings in QUALCOMM were worth $1,173,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. GeoWealth Management LLC raised its position in QUALCOMM by 308.0% in the first quarter. GeoWealth Management LLC now owns 204 shares of the wireless technology company’s stock worth $27,000 after acquiring an additional 154 shares during the period. Clean Yield Group bought a new stake in QUALCOMM in the second quarter worth about $29,000. Baillie Gifford & Co. bought a new stake in QUALCOMM in the second quarter worth about $29,000. Wagner Wealth Management LLC bought a new stake in shares of QUALCOMM in the first quarter valued at approximately $31,000. Finally, Disciplined Investments LLC raised its position in shares of QUALCOMM by 420.0% in the second quarter. Disciplined Investments LLC now owns 234 shares of the wireless technology company’s stock valued at $33,000 after purchasing an additional 189 shares during the period. 71.77% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently issued reports on QCOM. Susquehanna Bancshares reissued a “hold” rating and issued a $157.00 price target on shares of QUALCOMM in a research report on Thursday, July 29th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $190.00 price objective on shares of QUALCOMM in a research note on Monday, August 2nd. The Goldman Sachs Group raised shares of QUALCOMM from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $136.00 to $148.00 in a research note on Monday, July 19th. KeyCorp cut their price target on shares of QUALCOMM from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Tuesday, October 5th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $225.00 price target (up previously from $200.00) on shares of QUALCOMM in a research note on Thursday, August 12th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, QUALCOMM currently has a consensus rating of “Buy” and an average target price of $167.35.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 28th. The wireless technology company reported $1.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.24. QUALCOMM had a net margin of 28.25% and a return on equity of 102.31%. The business had revenue of $8.06 billion during the quarter, compared to analyst estimates of $7.58 billion. On average, analysts predict that QUALCOMM Incorporated will post 7.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 16th. Shareholders of record on Thursday, December 2nd will be issued a $0.68 dividend. The ex-dividend date is Wednesday, December 1st. This represents a $2.72 annualized dividend and a yield of 2.11%. QUALCOMM’s dividend payout ratio (DPR) is presently 81.44%.
QUALCOMM announced that its board has authorized a share buyback program on Tuesday, October 12th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to repurchase up to 7.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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