Minneapolis Portfolio Management Group LLC acquired a new position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 282,305 shares of the wireless technology company’s stock, valued at approximately $15,643,000. QUALCOMM comprises 2.1% of Minneapolis Portfolio Management Group LLC’s investment portfolio, making the stock its 22nd biggest position.
A number of other institutional investors and hedge funds have also recently made changes to their positions in QCOM. Capital International Investors increased its position in QUALCOMM by 41.8% in the third quarter. Capital International Investors now owns 21,455,439 shares of the wireless technology company’s stock worth $1,112,250,000 after buying an additional 6,322,645 shares during the period. Stifel Financial Corp increased its position in QUALCOMM by 7,466.2% in the third quarter. Stifel Financial Corp now owns 2,872,490 shares of the wireless technology company’s stock worth $148,873,000 after buying an additional 2,834,525 shares during the period. Dimensional Fund Advisors LP increased its position in QUALCOMM by 21.2% in the third quarter. Dimensional Fund Advisors LP now owns 11,218,088 shares of the wireless technology company’s stock worth $581,538,000 after buying an additional 1,964,525 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in QUALCOMM by 20.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 11,089,700 shares of the wireless technology company’s stock worth $577,309,000 after buying an additional 1,869,100 shares during the period. Finally, Thornburg Investment Management Inc. increased its position in QUALCOMM by 56.6% in the third quarter. Thornburg Investment Management Inc. now owns 5,052,411 shares of the wireless technology company’s stock worth $261,917,000 after buying an additional 1,825,187 shares during the period. Hedge funds and other institutional investors own 76.92% of the company’s stock.
Several equities research analysts have weighed in on the company. KeyCorp increased their target price on QUALCOMM from $68.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Northland Securities reaffirmed a “buy” rating and issued a $75.00 target price on shares of QUALCOMM in a research report on Thursday, February 1st. Vetr lowered QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $76.42 target price on the stock. in a research report on Thursday, February 1st. Royal Bank of Canada increased their target price on QUALCOMM from $77.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. Finally, ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $63.88.
In related news, President Cristiano R. Amon sold 16,082 shares of QUALCOMM stock in a transaction dated Tuesday, May 8th. The stock was 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 $1,974,838.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Alexander H. Rogers sold 1,180 shares of QUALCOMM stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $66.94, for a total value of $78,989.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,383 shares of company stock worth $4,762,616. 0.24% of the stock is owned by corporate insiders.
Shares of QUALCOMM opened at $57.71 on Tuesday, according to MarketBeat Ratings. The firm has a market cap of $85.27 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 1.85 and a beta of 1.47. The company has a current ratio of 3.60, a quick ratio of 3.46 and a debt-to-equity ratio of 0.81. QUALCOMM, Inc. has a one year low of $48.56 and a one year high of $69.28.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.10. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.21 billion. QUALCOMM had a positive return on equity of 16.48% and a negative net margin of 20.16%. QUALCOMM’s revenue was down 13.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.34 earnings per share. sell-side analysts anticipate that QUALCOMM, Inc. will post 2.71 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, May 30th will be issued a dividend of $0.62 per share. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.57. This represents a $2.48 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date of this dividend is Tuesday, May 29th. QUALCOMM’s payout ratio is presently 60.32%.
QUALCOMM declared that its board has initiated a share repurchase program on Wednesday, May 9th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to repurchase up to 12.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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