World Asset Management Inc Boosts Stock Position in QUALCOMM, Inc. (NASDAQ:QCOM)
World Asset Management Inc boosted its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 14.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,790 shares of the wireless technology company’s stock after purchasing an additional 13,228 shares during the quarter. World Asset Management Inc’s holdings in QUALCOMM were worth $7,971,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. ACG Wealth boosted its position in QUALCOMM by 2.6% during the 1st quarter. ACG Wealth now owns 7,749 shares of the wireless technology company’s stock valued at $442,000 after purchasing an additional 197 shares during the period. Conning Inc. boosted its position in QUALCOMM by 5.7% during the 1st quarter. Conning Inc. now owns 826,550 shares of the wireless technology company’s stock worth $47,138,000 after acquiring an additional 44,907 shares during the period. Regent Investment Management LLC boosted its position in QUALCOMM by 12.5% during the 1st quarter. Regent Investment Management LLC now owns 4,492 shares of the wireless technology company’s stock worth $256,000 after acquiring an additional 500 shares during the period. OLD Second National Bank of Aurora boosted its position in QUALCOMM by 4.7% during the 1st quarter. OLD Second National Bank of Aurora now owns 37,027 shares of the wireless technology company’s stock worth $2,112,000 after acquiring an additional 1,661 shares during the period. Finally, Bogart Wealth LLC boosted its position in QUALCOMM by 6.1% during the 1st quarter. Bogart Wealth LLC now owns 10,342 shares of the wireless technology company’s stock worth $589,000 after acquiring an additional 591 shares during the period. Institutional investors own 76.16% of the company’s stock.
In related news, EVP Michelle M. Sterling sold 5,560 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $86.44, for a total transaction of $480,606.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Erin L. Polek sold 6,118 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $89.26, for a total transaction of $546,092.68. The disclosure for this sale can be found here. Insiders sold 87,489 shares of company stock worth $7,603,985 in the last 90 days. Corporate insiders own 0.11% of the company’s stock.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.07. QUALCOMM had a net margin of 11.57% and a return on equity of 56.69%. The company had revenue of $4.88 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the prior year, the business earned $0.80 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, analysts forecast that QUALCOMM, Inc. will post 3.31 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Wednesday, September 11th. QUALCOMM’s payout ratio is 77.74%.
A number of analysts have recently commented on QCOM shares. Goldman Sachs Group raised Lenovo Group from a “neutral” rating to a “buy” rating in a research note on Thursday, May 23rd. They noted that the move was a valuation call. BidaskClub raised WhiteHorse Finance from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Macquarie set a $90.00 target price on QUALCOMM and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Zacks Investment Research lowered GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a research report on Monday, May 6th. Finally, Stifel Nicolaus boosted their target price on Wayfair from $132.00 to $150.00 and gave the stock a “hold” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $80.21.
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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