Sumitomo Life Insurance Co. lessened its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 1.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 51,567 shares of the wireless technology company’s stock after selling 879 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in QUALCOMM were worth $3,714,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC boosted its holdings in shares of QUALCOMM by 9,686.8% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock valued at $105,000 after purchasing an additional 73,523 shares during the last quarter. Squar Milner Financial Services LLC bought a new position in shares of QUALCOMM during the 2nd quarter valued at about $106,000. Kiley Juergens Wealth Management LLC boosted its holdings in shares of QUALCOMM by 1,760.0% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock valued at $133,000 after purchasing an additional 1,760 shares during the last quarter. MinichMacGregor Wealth Management LLC boosted its holdings in shares of QUALCOMM by 170.9% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock valued at $134,000 after purchasing an additional 1,167 shares during the last quarter. Finally, Private Capital Group LLC boosted its holdings in shares of QUALCOMM by 83.2% during the 1st quarter. Private Capital Group LLC now owns 2,828 shares of the wireless technology company’s stock valued at $157,000 after purchasing an additional 1,284 shares during the last quarter. 77.56% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:QCOM opened at $65.15 on Friday. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67. QUALCOMM, Inc. has a 12 month low of $48.56 and a 12 month high of $76.50. The stock has a market capitalization of $97.11 billion, a P/E ratio of 20.34, a price-to-earnings-growth ratio of 2.17 and a beta of 1.67.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.30. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The firm had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter last year, the firm earned $0.83 EPS. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, sell-side analysts forecast that QUALCOMM, Inc. will post 3.12 earnings per share for the current year.
QUALCOMM announced that its Board of Directors has initiated a stock buyback program on Thursday, July 26th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Several research analysts have commented on QCOM shares. Canaccord Genuity increased their price objective on shares of QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 23rd. Cowen raised shares of QUALCOMM from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $64.00 to $80.00 in a report on Monday, August 6th. Nomura increased their price objective on shares of QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, September 4th. Royal Bank of Canada increased their price objective on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a report on Friday, September 7th. Finally, Rosenblatt Securities raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and increased their price objective for the company from $56.00 to $70.00 in a report on Monday, August 20th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $71.12.
In other QUALCOMM news, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total value of $6,098,286.25. Following the completion of the sale, the president now owns 58,045 shares of the company’s stock, valued at $3,994,076.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 828 shares of the firm’s stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the completion of the sale, the executive vice president now directly owns 7,170 shares of the company’s stock, valued at approximately $454,578. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,613 shares of company stock valued at $6,300,408. 0.17% of the stock is owned by insiders.
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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