MainStreet Investment Advisors LLC acquired a new stake in QUALCOMM, Inc. (NASDAQ:QCOM) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 8,320 shares of the wireless technology company’s stock, valued at approximately $563,000.
A number of other large investors have also modified their holdings of the business. Klingenstein Fields & Co. LLC lifted its position in QUALCOMM by 2.0% during the 4th quarter. Klingenstein Fields & Co. LLC now owns 6,267 shares of the wireless technology company’s stock worth $553,000 after buying an additional 120 shares in the last quarter. Plancorp LLC lifted its position in QUALCOMM by 2.1% during the 4th quarter. Plancorp LLC now owns 6,218 shares of the wireless technology company’s stock worth $549,000 after buying an additional 128 shares in the last quarter. Paulson Wealth Management Inc. lifted its position in QUALCOMM by 2.3% during the 1st quarter. Paulson Wealth Management Inc. now owns 5,948 shares of the wireless technology company’s stock worth $452,000 after buying an additional 131 shares in the last quarter. First National Trust Co lifted its position in QUALCOMM by 1.1% during the 1st quarter. First National Trust Co now owns 13,036 shares of the wireless technology company’s stock worth $882,000 after buying an additional 142 shares in the last quarter. Finally, Washington Trust Bank lifted its position in QUALCOMM by 4.4% during the 1st quarter. Washington Trust Bank now owns 3,414 shares of the wireless technology company’s stock worth $231,000 after buying an additional 143 shares in the last quarter. 76.65% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CAO Erin L. Polek sold 1,646 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $79.47, for a total transaction of $130,807.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.12% of the company’s stock.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 29th. The wireless technology company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.09. QUALCOMM had a net margin of 16.36% and a return on equity of 69.92%. The firm had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the prior year, the business posted $0.77 EPS. The business’s revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts forecast that QUALCOMM, Inc. will post 3.08 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Wednesday, June 3rd. This is an increase from QUALCOMM’s previous quarterly dividend of $0.62. QUALCOMM’s dividend payout ratio is 87.32%.
QCOM has been the topic of several analyst reports. Goldman Sachs Group cut shares of QUALCOMM from a “neutral” rating to a “sell” rating and cut their price target for the stock from $77.00 to $61.00 in a research report on Friday, April 17th. JPMorgan Chase & Co. boosted their price objective on shares of QUALCOMM from $94.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Royal Bank of Canada lowered their price objective on shares of QUALCOMM from $92.00 to $81.00 in a research note on Tuesday, March 10th. Citigroup lowered their price objective on shares of QUALCOMM from $108.00 to $98.00 and set a “buy” rating on the stock in a research note on Monday, March 30th. Finally, Deutsche Bank upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Friday, March 27th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. QUALCOMM currently has a consensus rating of “Hold” and an average target price of $88.57.
QUALCOMM Company Profile
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.
Featured Story: What are the reasons investors use put options?
Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QUALCOMM, Inc. (NASDAQ:QCOM).
Receive News & Ratings for QUALCOMM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for QUALCOMM and related companies with MarketBeat.com's FREE daily email newsletter.