Karp Capital Management Corp acquired a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the first quarter, Holdings Channel reports. The fund acquired 606,603 shares of the wireless technology company’s stock, valued at approximately $34,783,000.
Other hedge funds have also bought and sold shares of the company. 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 worth $1,073,104,000 after buying an additional 531,407 shares during the period. Norges Bank acquired a new stake in QUALCOMM during the fourth quarter worth approximately $922,599,000. Fisher Asset Management LLC boosted its stake in 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 worth $575,769,000 after buying an additional 352,962 shares during the period. Swiss National Bank boosted its stake in QUALCOMM by 27.5% in the first quarter. Swiss National Bank now owns 5,233,165 shares of the wireless technology company’s stock worth $300,070,000 after buying an additional 1,128,700 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in QUALCOMM by 0.7% in the first quarter. UBS Asset Management Americas Inc. now owns 4,508,344 shares of the wireless technology company’s stock worth $258,508,000 after buying an additional 32,884 shares during the period. Institutional investors and hedge funds own 77.25% of the company’s stock.
Shares of QUALCOMM Incorporated (NASDAQ:QCOM) opened at 53.97 on Friday. QUALCOMM Incorporated has a 12-month low of $51.05 and a 12-month high of $71.62. The company has a 50 day moving average price of $56.56 and a 200 day moving average price of $56.82. The stock has a market cap of $79.74 billion, a P/E ratio of 17.98 and a beta of 1.30. QUALCOMM also was the recipient of some unusual options trading on Tuesday. Stock investors acquired 13,443 call options on the company. This represents an increase of approximately 124% compared to the typical daily volume of 6,007 call options.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.61% and a net margin of 17.26%. The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter last year, the firm earned $1.16 earnings per share. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. Analysts anticipate that QUALCOMM Incorporated will post $4.17 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM’s dividend payout ratio is presently 87.36%.
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QCOM has been the subject of a number of recent analyst reports. Zacks Investment Research cut QUALCOMM from a “hold” rating to a “sell” rating in a research report on Wednesday, April 5th. Northland Securities cut QUALCOMM from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $75.00 to $62.50 in a research report on Wednesday, June 28th. Vetr upgraded QUALCOMM from a “buy” rating to a “strong-buy” rating and set a $62.13 price objective for the company in a research report on Tuesday, June 27th. Cowen and Company restated an “outperform” rating and issued a $73.00 price objective on shares of QUALCOMM in a research report on Wednesday, April 19th. Finally, J P Morgan Chase & Co upgraded QUALCOMM from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $50.00 to $68.00 in a research report on Monday, May 22nd. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $64.62.
In other QUALCOMM news, President Derek K. Aberle sold 23,104 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the transaction, the president now owns 5,855 shares in the company, valued at $324,249.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ann M. Livermore acquired 9,000 shares of QUALCOMM stock in a transaction on Thursday, May 11th. The shares were bought at an average price of $54.59 per share, for a total transaction of $491,310.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 62,473 shares of company stock worth $3,526,917. 0.17% of the stock is currently owned by insiders.
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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