Cornerstone Investment Partners LLC increased its position in QUALCOMM, Inc. (NASDAQ:QCOM) by 13.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 32,172 shares of the wireless technology company’s stock after buying an additional 3,846 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in QUALCOMM were worth $1,668,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Pacer Advisors Inc. boosted its stake in shares of QUALCOMM by 3.9% in the third quarter. Pacer Advisors Inc. now owns 92,072 shares of the wireless technology company’s stock valued at $4,773,000 after purchasing an additional 3,416 shares during the period. Point View Wealth Management Inc. boosted its stake in shares of QUALCOMM by 19.4% in the third quarter. Point View Wealth Management Inc. now owns 24,777 shares of the wireless technology company’s stock valued at $1,285,000 after purchasing an additional 4,032 shares during the period. Edge Advisors LLC raised its holdings in QUALCOMM by 10.7% in the third quarter. Edge Advisors LLC now owns 58,866 shares of the wireless technology company’s stock valued at $3,051,000 after acquiring an additional 5,697 shares in the last quarter. Cutler Investment Counsel LLC raised its holdings in QUALCOMM by 1.4% in the third quarter. Cutler Investment Counsel LLC now owns 108,313 shares of the wireless technology company’s stock valued at $5,615,000 after acquiring an additional 1,543 shares in the last quarter. Finally, Rational Advisors LLC acquired a new stake in QUALCOMM in the third quarter valued at $566,000. Institutional investors and hedge funds own 76.23% of the company’s stock.
Several analysts recently issued reports on the stock. Vetr raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Monday, November 27th. Macquarie upped their price target on shares of QUALCOMM from $55.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday. Canaccord Genuity upped their price target on shares of QUALCOMM from $83.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday. Stifel Nicolaus cut shares of QUALCOMM from a “buy” rating to a “hold” rating and upped their price target for the company from $65.00 to $75.00 in a report on Tuesday, November 28th. Finally, ValuEngine cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $67.14.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.22. The company had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The firm’s revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.28 earnings per share. sell-side analysts anticipate that QUALCOMM, Inc. will post 3.07 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Wednesday, February 28th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $2.28 annualized dividend and a dividend yield of 3.35%. QUALCOMM’s dividend payout ratio is currently 138.18%.
In other news, EVP Matthew S. Grob sold 20,000 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $60.44, for a total transaction of $1,208,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Matthew S. Grob sold 43,000 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $65.35, for a total transaction of $2,810,050.00. Following the transaction, the executive vice president now owns 43,000 shares of the company’s stock, valued at approximately $2,810,050. The disclosure for this sale can be found here. Insiders have sold 72,989 shares of company stock valued at $4,678,794 in the last 90 days. Insiders own 0.17% of the company’s stock.
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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