New York State Teachers Retirement System Grows Stake in QUALCOMM, Inc. (NASDAQ:QCOM)
New York State Teachers Retirement System grew its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 1.4% during the second quarter, HoldingsChannel reports. The fund owned 1,811,820 shares of the wireless technology company’s stock after acquiring an additional 25,787 shares during the quarter. New York State Teachers Retirement System’s holdings in QUALCOMM were worth $137,825,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Weaver Consulting Group purchased a new position in shares of QUALCOMM in the 1st quarter valued at $25,000. Hexavest Inc. purchased a new position in shares of QUALCOMM in the 2nd quarter valued at $33,000. Lenox Wealth Advisors LLC purchased a new position in shares of QUALCOMM in the 2nd quarter valued at $34,000. Meridian Wealth Management LLC purchased a new position in shares of QUALCOMM in the 1st quarter valued at $26,000. Finally, Farmers National Bank purchased a new position in shares of QUALCOMM in the 1st quarter valued at $26,000. Institutional investors and hedge funds own 76.24% of the company’s stock.
A number of research analysts have recently issued reports on the company. Raymond James reiterated a “buy” rating and issued a $21.00 price target on shares of Colfax in a report on Thursday, May 2nd. Morgan Stanley set a $40.00 price target on Halliburton and gave the company a “buy” rating in a report on Tuesday, April 23rd. Evercore ISI upgraded QUALCOMM from an “in-line” rating to an “outperform” rating in a report on Wednesday, April 17th. Citigroup cut BCE from a “buy” rating to a “neutral” rating in a research report on Thursday, May 2nd. Finally, Bank of America set a $30.00 price objective on L Brands and gave the stock a “hold” rating in a research report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $80.21.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.07. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The company had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the previous year, the firm posted $0.80 EPS. The firm’s revenue was down 5.9% compared to the same quarter last year. As a group, equities analysts anticipate that QUALCOMM, Inc. will post 3.31 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be given a dividend of $0.62 per share. The ex-dividend date is Wednesday, September 11th. This represents a $2.48 dividend on an annualized basis and a yield of 3.30%. QUALCOMM’s dividend payout ratio is currently 77.74%.
In other news, EVP Alexander H. Rogers sold 20,862 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $88.43, for a total value of $1,844,826.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Clark T. Jr. Randt sold 2,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $89.58, for a total value of $179,160.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,489 shares of company stock valued at $7,603,985. 0.11% of the stock is currently owned by insiders.
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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