Wealthsource Partners LLC cut its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 62.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 3,184 shares of the wireless technology company’s stock after selling 5,314 shares during the quarter. Wealthsource Partners LLC’s holdings in QUALCOMM were worth $229,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Sterling Investment Advisors Ltd. raised its holdings in QUALCOMM by 195.0% in the 3rd quarter. Sterling Investment Advisors Ltd. now owns 1,549 shares of the wireless technology company’s stock valued at $112,000 after acquiring an additional 1,024 shares during the last quarter. MinichMacGregor Wealth Management LLC raised its holdings in QUALCOMM by 170.9% in the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock valued at $134,000 after acquiring an additional 1,167 shares during the last quarter. Kiley Juergens Wealth Management LLC raised its holdings in QUALCOMM by 1,760.0% in the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock valued at $133,000 after acquiring an additional 1,760 shares during the last quarter. Enterprise Financial Services Corp raised its holdings in QUALCOMM by 151.8% in the 3rd quarter. Enterprise Financial Services Corp now owns 1,992 shares of the wireless technology company’s stock valued at $143,000 after acquiring an additional 1,201 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in QUALCOMM in the 3rd quarter valued at about $152,000. 89.63% of the stock is currently owned by hedge funds and other institutional investors.
In related news, President Cristiano R. Amon sold 18,323 shares of QUALCOMM stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $60.23, for a total value of $1,103,594.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alexander H. Rogers sold 854 shares of QUALCOMM stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $72.18, for a total transaction of $61,641.72. Following the completion of the sale, the executive vice president now owns 5,197 shares of the company’s stock, valued at approximately $375,119.46. The disclosure for this sale can be found here. Insiders sold a total of 114,952 shares of company stock valued at $7,665,408 in the last quarter. 0.17% of the stock is owned by insiders.
QUALCOMM stock opened at $55.99 on Friday. QUALCOMM, Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $76.50. The company has a debt-to-equity ratio of 16.56, a current ratio of 1.55 and a quick ratio of 1.40. The company has a market capitalization of $69.23 billion, a P/E ratio of 17.55, a P/E/G ratio of 1.41 and a beta of 1.66.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.20. QUALCOMM had a negative net margin of 21.40% and a positive return on equity of 26.21%. The firm had revenue of $5.83 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the firm earned $0.92 EPS. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. On average, sell-side analysts expect that QUALCOMM, Inc. will post 3.53 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be issued a $0.62 dividend. The ex-dividend date is Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 4.43%. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.
A number of research firms have commented on QCOM. Morgan Stanley upgraded shares of QUALCOMM from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 15th. BidaskClub downgraded shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Thursday, November 15th. Zacks Investment Research upgraded shares of QUALCOMM from a “hold” rating to a “strong-buy” rating and set a $63.00 price target for the company in a report on Wednesday, November 14th. Deutsche Bank cut their price target on shares of QUALCOMM to $65.00 and set a “hold” rating for the company in a report on Thursday, November 8th. Finally, Stifel Nicolaus cut their price target on shares of QUALCOMM from $62.00 to $58.00 and set a “hold” rating for the company in a report on Thursday, November 8th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. QUALCOMM currently has a consensus rating of “Buy” and an average target price of $70.44.
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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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