Schwab Charles Investment Management Inc. grew its position in shares of Qualcomm (NASDAQ:QCOM) by 17.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,364,599 shares of the wireless technology company’s stock after purchasing an additional 1,419,275 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.63% of Qualcomm worth $518,893,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Truewealth LLC purchased a new position in Qualcomm in the fourth quarter worth $102,000. We Are One Seven LLC purchased a new position in Qualcomm in the fourth quarter worth $119,000. Gradient Investments LLC purchased a new position in Qualcomm in the fourth quarter worth $120,000. Cerebellum GP LLC purchased a new position in Qualcomm in the fourth quarter worth $126,000. Finally, Avestar Capital LLC purchased a new position in Qualcomm in the fourth quarter worth $141,000. Hedge funds and other institutional investors own 78.21% of the company’s stock.
In related news, EVP Donald J. Rosenberg sold 11,670 shares of the stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $53.01, for a total value of $618,626.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Cristiano R. Amon sold 16,082 shares of the firm’s stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $53.04, for a total transaction of $852,989.28. Following the transaction, the president now directly owns 37,233 shares of the company’s stock, valued at approximately $1,974,838.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 80,383 shares of company stock valued at $4,762,616. 0.24% of the stock is owned by insiders.
QCOM has been the subject of several research reports. BidaskClub lowered shares of Qualcomm from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 22nd. Morgan Stanley initiated coverage on shares of Qualcomm in a research report on Monday, March 19th. They issued an “underweight” rating and a $55.00 target price for the company. Royal Bank of Canada reiterated a “buy” rating and issued a $75.00 target price on shares of Qualcomm in a research report on Tuesday, April 24th. Stifel Nicolaus cut their target price on shares of Qualcomm from $56.00 to $54.00 and set a “hold” rating for the company in a research report on Thursday, April 26th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $79.00 target price (down from $86.00) on shares of Qualcomm in a research report on Friday, April 20th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $64.17.
Qualcomm opened at $55.64 on Wednesday, Marketbeat reports. Qualcomm has a 1 year low of $55.23 and a 1 year high of $56.79. The stock has a market capitalization of $84.12 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.82 and a beta of 1.47. The company has a quick ratio of 3.46, a current ratio of 3.60 and a debt-to-equity ratio of 0.81.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.10. Qualcomm had a negative net margin of 20.16% and a positive return on equity of 16.48%. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.21 billion. During the same period in the prior year, the firm earned $1.34 earnings per share. Qualcomm’s revenue was down 13.3% on a year-over-year basis. equities analysts anticipate that Qualcomm will post 2.71 earnings per share for the current fiscal year.
Qualcomm declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 9th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the wireless technology company to buy up to 12.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, May 30th will be paid a $0.62 dividend. This is an increase from Qualcomm’s previous quarterly dividend of $0.57. This represents a $2.48 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Tuesday, May 29th. Qualcomm’s dividend payout ratio is presently 60.32%.
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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