Meridian Investment Counsel Inc. reduced its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 2.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 17,851 shares of the wireless technology company’s stock after selling 500 shares during the period. Meridian Investment Counsel Inc.’s holdings in QUALCOMM were worth $1,018,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the business. Lavaca Capital LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth about $25,000. Field & Main Bank bought a new stake in QUALCOMM during the 1st quarter valued at about $32,000. Baldwin Brothers Inc. MA bought a new stake in QUALCOMM during the 1st quarter valued at about $34,000. Transamerica Financial Advisors Inc. lifted its holdings in QUALCOMM by 688.5% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 615 shares of the wireless technology company’s stock valued at $35,000 after buying an additional 537 shares in the last quarter. Finally, Brandywine Global Investment Management LLC bought a new stake in QUALCOMM during the 4th quarter valued at about $36,000. 77.95% of the stock is owned by institutional investors and hedge funds.
QCOM has been the subject of a number of research analyst reports. Morgan Stanley upgraded shares of QUALCOMM from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $55.00 to $95.00 in a report on Tuesday, April 23rd. BidaskClub lowered shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 29th. JPMorgan Chase & Co. restated a “buy” rating and issued a $88.00 price target on shares of QUALCOMM in a report on Tuesday, April 23rd. Mizuho reduced their price target on shares of QUALCOMM from $66.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, January 31st. Finally, Deutsche Bank restated a “hold” rating on shares of QUALCOMM in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $80.05.
In other QUALCOMM news, SVP Erin L. Polek sold 6,118 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $89.26, for a total transaction of $546,092.68. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Cristiano R. Amon sold 13,466 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $60.00, for a total transaction of $807,960.00. Following the sale, the president now directly owns 37,614 shares in the company, valued at approximately $2,256,840. The disclosure for this sale can be found here. In the last quarter, insiders have sold 949,832 shares of company stock valued at $37,443,538. 0.11% of the stock is currently owned by company insiders.
NASDAQ QCOM opened at $68.26 on Friday. 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 company has a market cap of $82.98 billion, a P/E ratio of 21.40, a PEG ratio of 1.71 and a beta of 1.45. QUALCOMM, Inc. has a 52 week low of $49.10 and a 52 week high of $90.34.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.54 by $0.07. The firm had revenue of $4.88 billion during the quarter, compared to analyst estimates of $4.83 billion. QUALCOMM had a net margin of 11.57% and a return on equity of 56.69%. QUALCOMM’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.80 EPS. Research analysts forecast that QUALCOMM, Inc. will post 3.32 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 6th will be paid a dividend of $0.62 per share. The ex-dividend date is Wednesday, June 5th. This represents a $2.48 annualized dividend and a dividend yield of 3.63%. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.
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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