Patten & Patten Inc. TN raised its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 85.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,962 shares of the wireless technology company’s stock after buying an additional 24,015 shares during the period. Patten & Patten Inc. TN’s holdings in QUALCOMM were worth $2,869,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new stake in shares of QUALCOMM during the fourth quarter worth approximately $922,599,000. Fisher Asset Management LLC raised its stake in shares of QUALCOMM by 3.6% in the first quarter. Fisher Asset Management LLC now owns 10,041,310 shares of the wireless technology company’s stock worth $575,769,000 after buying an additional 352,962 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of QUALCOMM by 9.0% in the first quarter. Artisan Partners Limited Partnership now owns 9,444,032 shares of the wireless technology company’s stock worth $541,521,000 after buying an additional 783,394 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of QUALCOMM by 3.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 6,895,262 shares of the wireless technology company’s stock worth $395,375,000 after buying an additional 205,103 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of QUALCOMM by 30.8% in the first quarter. Schroder Investment Management Group now owns 6,562,412 shares of the wireless technology company’s stock worth $375,369,000 after buying an additional 1,544,792 shares in the last quarter. 76.59% of the stock is currently owned by institutional investors.
Shares of QUALCOMM Incorporated (NASDAQ:QCOM) opened at 51.92 on Friday. The firm has a 50-day moving average of $54.04 and a 200 day moving average of $55.54. QUALCOMM Incorporated has a 52 week low of $51.05 and a 52 week high of $71.62. The stock has a market cap of $76.64 billion, a PE ratio of 19.89 and a beta of 1.29.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same quarter last year, the firm posted $1.16 earnings per share. QUALCOMM’s revenue for the quarter was down 11.1% compared to the same quarter last year. On average, equities analysts forecast that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 4.39%. The ex-dividend date is Monday, August 28th. QUALCOMM’s dividend payout ratio (DPR) is 87.36%.
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A number of analysts have commented on the company. Standpoint Research raised QUALCOMM from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Friday, April 28th. Mizuho reaffirmed a “buy” rating and issued a $68.00 target price (down from $75.00) on shares of QUALCOMM in a report on Saturday, April 22nd. BidaskClub raised QUALCOMM from a “strong sell” rating to a “sell” rating in a report on Sunday, July 16th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $60.00 target price on shares of QUALCOMM in a report on Friday, June 30th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $54.00 price objective on shares of QUALCOMM in a research note on Tuesday, May 2nd. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $63.96.
In other news, EVP Michelle M. Sterling sold 5,509 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $59.11, for a total transaction of $325,636.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alexander H. Rogers sold 470 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $57.28, for a total transaction of $26,921.60. Following the sale, the executive vice president now directly owns 3,049 shares of the company’s stock, valued at approximately $174,646.72. The disclosure for this sale can be found here. Insiders sold 52,101 shares of company stock valued at $2,955,612 in the last ninety days. 0.17% of the stock is owned by corporate insiders.
QUALCOMM Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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