Pinebridge Investments L.P. Lowers Stake in QUALCOMM Incorporated (QCOM)

Pinebridge Investments L.P. reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 67.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 14,686 shares of the wireless technology company’s stock after selling 30,494 shares during the quarter. Pinebridge Investments L.P.’s holdings in QUALCOMM were worth $811,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of QCOM. Wade G W & Inc. boosted its position in shares of QUALCOMM by 66.1% during the 1st quarter. Wade G W & Inc. now owns 118,823 shares of the wireless technology company’s stock valued at $6,813,000 after acquiring an additional 47,265 shares during the last quarter. IMS Capital Management boosted its position in shares of QUALCOMM by 128.1% during the 1st quarter. IMS Capital Management now owns 30,634 shares of the wireless technology company’s stock valued at $1,757,000 after acquiring an additional 17,201 shares during the last quarter. Check Capital Management Inc. CA boosted its position in shares of QUALCOMM by 74.4% during the 1st quarter. Check Capital Management Inc. CA now owns 1,101,148 shares of the wireless technology company’s stock valued at $63,140,000 after acquiring an additional 469,614 shares during the last quarter. Walter & Keenan Financial Consulting Co. MI ADV boosted its position in shares of QUALCOMM by 0.4% during the 1st quarter. Walter & Keenan Financial Consulting Co. MI ADV now owns 27,200 shares of the wireless technology company’s stock valued at $1,560,000 after acquiring an additional 100 shares during the last quarter. Finally, CI Investments Inc. boosted its position in shares of QUALCOMM by 48.0% during the 1st quarter. CI Investments Inc. now owns 1,142,000 shares of the wireless technology company’s stock valued at $65,482,000 after acquiring an additional 370,200 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

In related news, EVP Matthew S. Grob sold 20,000 shares of QUALCOMM stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $60.44, for a total transaction of $1,208,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 21,097 shares of company stock valued at $1,266,138 in the last ninety days. Corporate insiders own 0.24% of the company’s stock.

A number of analysts recently issued reports on QCOM shares. BMO Capital Markets restated a “market perform” rating and issued a $55.00 price target on shares of QUALCOMM in a research report on Thursday, August 24th. ValuEngine downgraded QUALCOMM from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Sanford C. Bernstein restated a “market perform” rating on shares of QUALCOMM in a research report on Tuesday, July 25th. William Blair restated a “market perform” rating on shares of QUALCOMM in a research report on Tuesday, September 5th. Finally, Wells Fargo & Company restated an “outperform” rating on shares of QUALCOMM in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, eighteen have given a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $65.42.

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Shares of QUALCOMM Incorporated (NASDAQ:QCOM) opened at $66.47 on Tuesday. QUALCOMM Incorporated has a 52 week low of $48.92 and a 52 week high of $70.24. The firm has a market capitalization of $97,990.00, a PE ratio of 17.65, a PEG ratio of 1.87 and a beta of 1.26. The company has a current ratio of 4.00, a quick ratio of 3.81 and a debt-to-equity ratio of 0.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.22. QUALCOMM had a return on equity of 2.19% and a net margin of 2.86%. The business had revenue of $5.96 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The company’s revenue was down 3.5% on a year-over-year basis. research analysts forecast that QUALCOMM Incorporated will post 3.07 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 29th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Tuesday, November 28th. QUALCOMM’s dividend payout ratio (DPR) is 138.18%.

About QUALCOMM

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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