CIBC Asset Management Inc Grows Holdings in QUALCOMM, Inc. (QCOM)
CIBC Asset Management Inc boosted its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 7.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 192,164 shares of the wireless technology company’s stock after buying an additional 13,726 shares during the period. CIBC Asset Management Inc’s holdings in QUALCOMM were worth $10,959,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Lavaca Capital LLC purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $25,000. Field & Main Bank purchased a new stake in shares of QUALCOMM in the first quarter valued at about $32,000. Baldwin Brothers Inc. MA purchased a new stake in shares of QUALCOMM in the first quarter valued at about $34,000. Transamerica Financial Advisors Inc. raised its holdings in shares of QUALCOMM by 688.5% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 615 shares of the wireless technology company’s stock valued at $35,000 after purchasing an additional 537 shares during the last quarter. Finally, Brandywine Global Investment Management LLC purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 77.95% of the company’s stock.
NASDAQ QCOM opened at $68.26 on Friday. QUALCOMM, Inc. has a 52-week low of $49.10 and a 52-week high of $90.34. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.55 and a quick ratio of 1.39. The stock has a market cap of $82.98 billion, a P/E ratio of 21.40, a P/E/G ratio of 1.71 and a beta of 1.45.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 6th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $2.48 dividend on an annualized basis and a yield of 3.63%. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.
Several brokerages have recently commented on QCOM. Deutsche Bank reiterated a “hold” rating and issued a $74.00 target price (down previously from $98.00) on shares of QUALCOMM in a report on Thursday. Canaccord Genuity reiterated a “buy” rating and issued a $90.00 target price (down previously from $105.00) on shares of QUALCOMM in a report on Thursday. BidaskClub downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Tuesday. Cowen reiterated an “outperform” rating and issued a $80.00 target price (down previously from $100.00) on shares of QUALCOMM in a report on Thursday. Finally, Bank of America dropped coverage on shares of QUALCOMM in a report on Thursday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $80.05.
In other QUALCOMM news, SVP Erin L. Polek sold 6,118 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $89.26, for a total transaction of $546,092.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Inc/De Qualcomm sold 848,877 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $34.20, for a total transaction of $29,031,593.40. Following the transaction, the insider now owns 848,877 shares of the company’s stock, valued at approximately $29,031,593.40. The disclosure for this sale can be found here. Insiders have sold 949,832 shares of company stock valued at $37,443,538 in the last quarter. Company insiders own 0.11% of the company’s stock.
QUALCOMM Company Profile
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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