Keystone Financial Planning Inc. raised its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,652 shares of the wireless technology company’s stock after buying an additional 5,672 shares during the period. QUALCOMM accounts for about 2.7% of Keystone Financial Planning Inc.’s investment portfolio, making the stock its 20th largest position. Keystone Financial Planning Inc.’s holdings in QUALCOMM were worth $4,395,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of the company. Telos Capital Management Inc. boosted its position in shares of QUALCOMM by 9.8% in the first quarter. Telos Capital Management Inc. now owns 71,442 shares of the wireless technology company’s stock valued at $4,096,000 after buying an additional 6,405 shares during the last quarter. Meristem LLP boosted its position in shares of QUALCOMM by 2.4% in the first quarter. Meristem LLP now owns 9,860 shares of the wireless technology company’s stock valued at $565,000 after buying an additional 232 shares during the last quarter. Lipe & Dalton bought a new position in shares of QUALCOMM during the first quarter valued at $2,388,000. Smith Moore & CO. boosted its position in shares of QUALCOMM by 12.6% in the first quarter. Smith Moore & CO. now owns 9,485 shares of the wireless technology company’s stock valued at $544,000 after buying an additional 1,058 shares during the last quarter. Finally, Jackson Wealth Management LLC acquired a new position in QUALCOMM during the first quarter worth approximately $2,093,000. 76.61% of the stock is currently owned by institutional investors and hedge funds.
Shares of QUALCOMM Incorporated (NASDAQ QCOM) traded down 0.81% during trading on Thursday, reaching $52.34. The company had a trading volume of 10,665,860 shares. The company has a market capitalization of $77.26 billion, a P/E ratio of 20.05 and a beta of 1.29. QUALCOMM Incorporated has a 52-week low of $51.05 and a 52-week high of $71.62. The firm has a 50-day moving average price of $54.70 and a 200-day moving average price of $55.64. QUALCOMM also saw unusually large options trading on Monday. Traders purchased 21,472 put options on the stock. This represents an increase of 152% compared to the average volume of 8,513 put options.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.81 by $0.02. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The business’s revenue was down 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. On average, analysts predict that QUALCOMM Incorporated will post $4.16 EPS for the current fiscal 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 $0.57 dividend. The ex-dividend date is Monday, August 28th. This represents a $2.28 annualized dividend and a dividend yield of 4.36%. QUALCOMM’s payout ratio is 87.36%.
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Several brokerages have issued reports on QCOM. Standpoint Research upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Friday, April 28th. Mizuho reiterated a “buy” rating and issued a $68.00 price target (down from $75.00) on shares of QUALCOMM in a research report on Saturday, April 22nd. BidaskClub upgraded shares of QUALCOMM from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 16th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $60.00 price target on shares of QUALCOMM in a research report on Friday, June 30th. Finally, BMO Capital Markets restated a “market perform” rating and set a $54.00 price objective on shares of QUALCOMM in a research report on Tuesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. QUALCOMM currently has an average rating of “Hold” and a consensus price target of $63.96.
In other news, EVP Michelle M. Sterling sold 5,509 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $59.11, for a total value of $325,636.99. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Derek K. Aberle sold 23,104 shares of the business’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $55.38, for a total value of $1,279,499.52. Following the completion of the sale, the president now directly owns 5,855 shares in the company, valued at approximately $324,249.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,101 shares of company stock valued at $2,955,612. Insiders own 0.17% of the company’s stock.
About QUALCOMM
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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