Trexquant Investment LP Raises Position in QUALCOMM, Inc. (QCOM)

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Trexquant Investment LP increased its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 1,205.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,842 shares of the wireless technology company’s stock after purchasing an additional 65,414 shares during the quarter. Trexquant Investment LP’s holdings in QUALCOMM were worth $3,976,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of QCOM. Maple Capital Management Inc. raised its stake in QUALCOMM by 2.9% in the fourth quarter. Maple Capital Management Inc. now owns 107,107 shares of the wireless technology company’s stock valued at $6,857,000 after buying an additional 3,019 shares during the period. JT Stratford LLC raised its stake in QUALCOMM by 18.8% in the fourth quarter. JT Stratford LLC now owns 41,313 shares of the wireless technology company’s stock valued at $2,645,000 after buying an additional 6,546 shares during the period. MetLife Investment Advisors LLC bought a new stake in QUALCOMM in the fourth quarter valued at approximately $29,201,000. Lake Street Advisors Group LLC bought a new stake in QUALCOMM in the fourth quarter valued at approximately $429,000. Finally, BB&T Investment Services Inc. raised its stake in QUALCOMM by 30.7% in the fourth quarter. BB&T Investment Services Inc. now owns 32,333 shares of the wireless technology company’s stock valued at $2,069,000 after buying an additional 7,595 shares during the period. Institutional investors own 77.42% of the company’s stock.

QCOM has been the topic of several research analyst reports. Royal Bank of Canada restated a “buy” rating and issued a $75.00 price objective on shares of QUALCOMM in a research note on Tuesday, April 24th. Stifel Nicolaus lowered their target price on QUALCOMM from $56.00 to $54.00 and set a “hold” rating on the stock in a research note on Thursday, April 26th. ValuEngine upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. BMO Capital Markets lowered their target price on QUALCOMM from $70.00 to $55.00 and set a “market perform” rating on the stock in a research note on Thursday, April 26th. Finally, Macquarie lowered their target price on QUALCOMM from $70.00 to $55.00 and set a “neutral” rating on the stock in a research note on Thursday, April 26th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $66.80.

In related news, EVP Alexander H. Rogers sold 789 shares of the stock in a transaction that occurred on Wednesday, June 27th. The stock was sold at an average price of $56.55, for a total transaction of $44,617.95. Following the sale, the executive vice president now owns 7,998 shares of the company’s stock, valued at $452,286.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Alexander H. Rogers sold 828 shares of the stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $63.40, for a total value of $52,495.20. Following the sale, the executive vice president now directly owns 7,170 shares in the company, valued at approximately $454,578. The disclosure for this sale can be found here. Insiders have sold 2,669 shares of company stock worth $159,760 in the last three months. 0.24% of the stock is currently owned by company insiders.

Shares of NASDAQ:QCOM opened at $66.06 on Friday. The company has a market cap of $95.23 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.91 and a beta of 1.57. QUALCOMM, Inc. has a 1 year low of $48.56 and a 1 year high of $69.28. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.30. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.19 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.83 earnings per share. analysts anticipate that QUALCOMM, Inc. will post 3.12 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Investors of record on Wednesday, September 5th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Tuesday, September 4th. QUALCOMM’s dividend payout ratio is currently 65.61%.

QUALCOMM announced that its Board of Directors has initiated a share buyback program on Wednesday, May 9th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to reacquire up to 12.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

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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