Synovus Financial Corp trimmed its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 12.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,171 shares of the wireless technology company’s stock after selling 1,768 shares during the period. Synovus Financial Corp’s holdings in QUALCOMM were worth $927,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Ibex Wealth Advisors purchased a new position in QUALCOMM in the 2nd quarter valued at about $28,000. Krane Funds Advisors LLC bought a new position in shares of QUALCOMM during the second quarter worth about $28,000. Hexavest Inc. bought a new position in shares of QUALCOMM during the second quarter worth about $33,000. Lenox Wealth Advisors LLC bought a new position in QUALCOMM in the second quarter worth about $34,000. Finally, Mechanics Bank Trust Department bought a new position in QUALCOMM in the third quarter worth about $34,000. Institutional investors and hedge funds own 78.30% of the company’s stock.
In related news, Director Mark D. Mclaughlin acquired 2,705 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average price of $73.84 per share, for a total transaction of $199,737.20. Following the completion of the purchase, the director now directly owns 5,220 shares of the company’s stock, valued at $385,444.80. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Cristiano R. Amon sold 8,611 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $80.03, for a total transaction of $689,138.33. Following the transaction, the president now owns 50,434 shares in the company, valued at approximately $4,036,233.02. The disclosure for this sale can be found here. Insiders sold 19,118 shares of company stock worth $1,477,392 in the last 90 days. 0.11% of the stock is owned by company insiders.
Shares of NASDAQ:QCOM traded up $0.38 during trading hours on Friday, hitting $90.36. The stock had a trading volume of 196,621 shares, compared to its average volume of 6,227,865. The stock’s fifty day simple moving average is $78.64 and its 200 day simple moving average is $76.41. QUALCOMM, Inc. has a 1-year low of $49.10 and a 1-year high of $92.50. The firm has a market capitalization of $103.89 billion, a price-to-earnings ratio of 31.86, a PEG ratio of 2.03 and a beta of 1.59. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.61 and a current ratio of 1.77.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.71 by $0.07. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same quarter last year, the business earned $0.90 earnings per share. QUALCOMM’s revenue was down 17.2% compared to the same quarter last year. As a group, research analysts anticipate that QUALCOMM, Inc. will post 3.29 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a $0.62 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $2.48 annualized dividend and a dividend yield of 2.74%. QUALCOMM’s payout ratio is currently 87.32%.
A number of equities analysts have issued reports on QCOM shares. DZ Bank reissued a “sell” rating on shares of QUALCOMM in a report on Friday, August 2nd. Bank of America cut their target price on shares of QUALCOMM from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. JPMorgan Chase & Co. raised their target price on shares of QUALCOMM from $88.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday. Canaccord Genuity raised their target price on shares of QUALCOMM from $87.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $95.00 target price on shares of QUALCOMM in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $84.43.
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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