The Manufacturers Life Insurance Company Cuts Stake in QUALCOMM, Inc. (QCOM)

The Manufacturers Life Insurance Company decreased its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 18.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,562,283 shares of the wireless technology company’s stock after selling 360,242 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.11% of QUALCOMM worth $86,566,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in QCOM. Artisan Partners Limited Partnership boosted its stake in shares of QUALCOMM by 22.4% in the 1st quarter. Artisan Partners Limited Partnership now owns 11,014,540 shares of the wireless technology company’s stock valued at $610,316,000 after purchasing an additional 2,018,241 shares in the last quarter. York Capital Management Global Advisors LLC purchased a new stake in QUALCOMM during the 4th quarter valued at $111,676,000. Alliancebernstein L.P. boosted its position in QUALCOMM by 64.5% during the 4th quarter. Alliancebernstein L.P. now owns 3,962,267 shares of the wireless technology company’s stock valued at $253,664,000 after buying an additional 1,553,810 shares during the period. TIAA CREF Investment Management LLC boosted its position in QUALCOMM by 37.5% during the 4th quarter. TIAA CREF Investment Management LLC now owns 5,584,128 shares of the wireless technology company’s stock valued at $357,496,000 after buying an additional 1,523,325 shares during the period. Finally, Amundi Pioneer Asset Management Inc. purchased a new stake in QUALCOMM during the 4th quarter valued at $93,338,000. 76.99% of the stock is owned by institutional investors.

NASDAQ:QCOM opened at $59.22 on Thursday. QUALCOMM, Inc. has a 12 month low of $48.56 and a 12 month high of $69.28. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.60 and a quick ratio of 3.46. The stock has a market capitalization of $88.87 billion, a PE ratio of 15.67, a P/E/G ratio of 1.93 and a beta of 1.50.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.10. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.21 billion. QUALCOMM had a negative net margin of 20.16% and a positive return on equity of 16.48%. The company’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same period last year, the company posted $1.34 EPS. research analysts forecast that QUALCOMM, Inc. will post 2.71 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, May 30th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 4.19%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Tuesday, May 29th. QUALCOMM’s dividend payout ratio (DPR) is presently 65.61%.

QUALCOMM declared that its Board of Directors has initiated a stock buyback program on Wednesday, May 9th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the wireless technology company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

QCOM has been the subject of several analyst reports. Morgan Stanley initiated coverage on shares of QUALCOMM in a research report on Monday, March 19th. They set an “underweight” rating and a $55.00 price target for the company. Wells Fargo & Co initiated coverage on shares of QUALCOMM in a research report on Friday, March 16th. They set a “market perform” rating for the company. Macquarie dropped their price target on shares of QUALCOMM from $70.00 to $55.00 and set a “neutral” rating for the company in a research report on Thursday, April 26th. BidaskClub cut shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 22nd. Finally, UBS Group initiated coverage on shares of QUALCOMM in a research report on Thursday, April 5th. They set a “neutral” rating and a $56.00 price target for the company. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $63.67.

In related news, EVP Alexander H. Rogers sold 662 shares of the stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $50.75, for a total value of $33,596.50. Following the completion of the transaction, the executive vice president now directly owns 8,132 shares in the company, valued at approximately $412,699. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Alexander H. Rogers sold 663 shares of the stock in a transaction dated Tuesday, March 27th. The stock was sold at an average price of $56.59, for a total transaction of $37,519.17. Following the completion of the transaction, the executive vice president now owns 8,794 shares of the company’s stock, valued at $497,652.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,129 shares of company stock valued at $1,605,378. 0.24% of the stock is owned by company insiders.

About QUALCOMM

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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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