Pictet Asset Management Ltd. increased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 73.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,152,908 shares of the wireless technology company’s stock after buying an additional 1,337,883 shares during the period. Pictet Asset Management Ltd. owned 0.21% of QUALCOMM worth $180,788,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Loomis Sayles & Co. L P boosted its stake in QUALCOMM by 3.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 16,458,657 shares of the wireless technology company’s stock valued at $1,073,104,000 after buying an additional 531,407 shares during the period. Norges Bank purchased a new position in shares of QUALCOMM during the fourth quarter valued at about $922,599,000. Fisher Asset Management LLC boosted its position in shares of QUALCOMM by 3.6% in the first quarter. Fisher Asset Management LLC now owns 10,041,310 shares of the wireless technology company’s stock valued at $575,769,000 after buying an additional 352,962 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of QUALCOMM by 3.1% in the fourth quarter. AQR Capital Management LLC now owns 4,433,172 shares of the wireless technology company’s stock valued at $289,042,000 after buying an additional 132,465 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of QUALCOMM by 25.5% in the first quarter. American Century Companies Inc. now owns 4,229,488 shares of the wireless technology company’s stock valued at $242,519,000 after buying an additional 858,845 shares during the last quarter. Hedge funds and other institutional investors own 76.61% of the company’s stock.
Shares of QUALCOMM Incorporated (QCOM) traded down 0.78% on Tuesday, hitting $52.29. The stock had a trading volume of 10,455,486 shares. QUALCOMM Incorporated has a 12-month low of $51.05 and a 12-month high of $71.62. The stock has a 50 day moving average price of $55.44 and a 200-day moving average price of $56.02. The company has a market cap of $77.18 billion, a price-to-earnings ratio of 20.03 and a beta of 1.29. QUALCOMM also was the target of unusually large options trading on Monday. Traders bought 21,472 put options on the company. This represents an increase of approximately 152% compared to the typical daily volume of 8,513 put options.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The business had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter in the previous year, the firm earned $1.16 earnings per share. The business’s revenue was down 11.1% compared to the same quarter last year. On average, equities analysts expect that QUALCOMM Incorporated will post $4.16 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Monday, August 28th. QUALCOMM’s dividend payout ratio (DPR) is currently 87.36%.
A number of research firms have recently weighed in on QCOM. Vetr raised QUALCOMM from a “hold” rating to a “buy” rating and set a $60.45 price objective on the stock in a research report on Wednesday, June 7th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $61.00 price objective (down from $63.00) on shares of QUALCOMM in a research report on Thursday, May 4th. Wells Fargo & Company reissued an “outperform” rating and set a $75.00 target price on shares of QUALCOMM in a research note on Saturday, April 22nd. Stifel Nicolaus reissued a “buy” rating and set a $64.00 target price on shares of QUALCOMM in a research note on Monday, April 17th. Finally, Zacks Investment Research downgraded QUALCOMM from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 20th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. QUALCOMM has a consensus rating of “Hold” and an average target price of $63.96.
In other news, President Derek K. Aberle sold 22,251 shares of QUALCOMM stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $57.59, for a total transaction of $1,281,435.09. Following the sale, the president now owns 28,959 shares in the company, valued at $1,667,748.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Derek K. Aberle sold 23,104 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $55.38, for a total value of $1,279,499.52. Following the completion of the transaction, the president now owns 5,855 shares in the company, valued at approximately $324,249.90. The disclosure for this sale can be found here. Insiders have sold 62,802 shares of company stock worth $3,544,381 in the last quarter. Insiders own 0.24% of the company’s stock.
QUALCOMM Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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