Legal & General Group Plc raised its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 1.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,897,041 shares of the wireless technology company’s stock after buying an additional 137,733 shares during the period. Legal & General Group Plc owned about 0.54% of QUALCOMM worth $436,076,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in QCOM. Baupost Group LLC MA purchased a new stake in QUALCOMM during the first quarter valued at approximately $299,085,000. Nordea Investment Management AB increased its holdings in QUALCOMM by 589.4% during the first quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock valued at $339,007,000 after buying an additional 5,054,642 shares during the last quarter. Schroder Investment Management Group increased its holdings in QUALCOMM by 30.8% during the first quarter. Schroder Investment Management Group now owns 6,562,412 shares of the wireless technology company’s stock valued at $375,369,000 after buying an additional 1,544,792 shares during the last quarter. Pictet Asset Management Ltd. increased its holdings in QUALCOMM by 73.7% during the first quarter. Pictet Asset Management Ltd. now owns 3,152,908 shares of the wireless technology company’s stock valued at $180,788,000 after buying an additional 1,337,883 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in QUALCOMM by 57.5% during the second quarter. Russell Investments Group Ltd. now owns 3,432,959 shares of the wireless technology company’s stock valued at $189,570,000 after buying an additional 1,252,781 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.
QUALCOMM Incorporated (NASDAQ:QCOM) opened at 52.38 on Tuesday. QUALCOMM Incorporated has a 1-year low of $48.92 and a 1-year high of $71.62. The stock has a market cap of $77.32 billion, a P/E ratio of 20.06 and a beta of 1.28. The company has a 50-day moving average of $51.84 and a 200 day moving average of $54.30.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.02. The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company’s revenue was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 EPS. Analysts predict that QUALCOMM Incorporated will post $4.16 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 29th will be given a $0.57 dividend. The ex-dividend date of this dividend is Tuesday, November 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.35%. QUALCOMM’s payout ratio is currently 87.36%.
A number of analysts have recently issued reports on the stock. J P Morgan Chase & Co reissued an “overweight” rating on shares of QUALCOMM in a research note on Wednesday, September 6th. BidaskClub raised shares of QUALCOMM from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 16th. Sanford C. Bernstein reissued a “market perform” rating and issued a $60.00 price objective on shares of QUALCOMM in a research note on Friday, June 30th. BMO Capital Markets reissued a “market perform” rating and issued a $55.00 price objective on shares of QUALCOMM in a research note on Thursday, August 24th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $65.00 price objective on shares of QUALCOMM in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $64.00.
In other QUALCOMM news, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total value of $245,911.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 5,810 shares of company stock worth $301,596 in the last ninety days. 0.24% of the stock is currently owned by corporate insiders.
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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