QUALCOMM, Inc. (QCOM) Stake Raised by Edge Advisors LLC
Edge Advisors LLC boosted its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 10.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 58,866 shares of the wireless technology company’s stock after buying an additional 5,697 shares during the quarter. Edge Advisors LLC’s holdings in QUALCOMM were worth $3,051,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Ronald Blue & Co. LLC lifted its stake in QUALCOMM by 0.5% in the 2nd quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock valued at $208,000 after buying an additional 18 shares in the last quarter. Hollencrest Securities LLC lifted its stake in QUALCOMM by 0.9% in the 2nd quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock valued at $241,000 after buying an additional 40 shares in the last quarter. Farmers Trust Co. lifted its stake in QUALCOMM by 0.9% in the 2nd quarter. Farmers Trust Co. now owns 5,214 shares of the wireless technology company’s stock valued at $288,000 after buying an additional 48 shares in the last quarter. FCA Corp TX lifted its stake in QUALCOMM by 1.0% in the 2nd quarter. FCA Corp TX now owns 4,866 shares of the wireless technology company’s stock valued at $269,000 after buying an additional 49 shares in the last quarter. Finally, Meridian Investment Counsel Inc. lifted its stake in QUALCOMM by 0.3% in the 2nd quarter. Meridian Investment Counsel Inc. now owns 18,293 shares of the wireless technology company’s stock valued at $1,010,000 after buying an additional 50 shares in the last quarter. 76.23% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in 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 research note on Monday, November 27th. Stifel Nicolaus lowered shares of QUALCOMM from a “buy” rating to a “hold” rating and raised their price target for the company from $65.00 to $75.00 in a research note on Tuesday, November 28th. ValuEngine lowered shares of QUALCOMM from a “buy” rating to a “hold” rating in a research note on Tuesday. Sanford C. Bernstein reaffirmed a “hold” rating on shares of QUALCOMM in a research note on Monday, November 13th. Finally, Royal Bank of Canada increased their price objective on shares of QUALCOMM from $70.00 to $77.00 and gave the company an “outperform” rating in a report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $66.26.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.22. The business had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 EPS. research analysts forecast that QUALCOMM, Inc. will post 3.07 earnings per share 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 issued a dividend of $0.57 per share. The ex-dividend date is Tuesday, February 27th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.34%. QUALCOMM’s dividend payout ratio is currently 138.18%.
In other news, EVP Alexander H. Rogers sold 874 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $68.52, for a total transaction of $59,886.48. Following the completion of the sale, the executive vice president now owns 12,035 shares in the company, valued at approximately $824,638.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michelle M. Sterling sold 7,840 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $66.56, for a total transaction of $521,830.40. The disclosure for this sale can be found here. Insiders have sold a total of 72,989 shares of company stock valued at $4,678,794 in the last 90 days. Insiders own 0.24% of the company’s stock.
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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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