Adell Harriman & Carpenter Inc. reduced its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 10.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 41,025 shares of the wireless technology company’s stock after selling 5,028 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in QUALCOMM were worth $2,273,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Truewealth LLC purchased a new stake in shares of QUALCOMM during the 4th quarter worth $102,000. We Are One Seven LLC purchased a new stake in shares of QUALCOMM during the 4th quarter worth $119,000. Gradient Investments LLC purchased a new stake in shares of QUALCOMM during the 4th quarter worth $120,000. Cerebellum GP LLC purchased a new stake in shares of QUALCOMM during the 4th quarter worth $126,000. Finally, Avestar Capital LLC purchased a new stake in shares of QUALCOMM during the 4th quarter worth $141,000. Institutional investors own 76.92% of the company’s stock.
Several equities research analysts have commented on the stock. KeyCorp boosted their target price on shares of QUALCOMM from $68.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Northland Securities reiterated a “buy” rating and issued a $75.00 price objective on shares of QUALCOMM in a research report on Thursday, February 1st. Vetr lowered shares of QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $76.42 price objective on the stock. in a research report on Thursday, February 1st. Royal Bank of Canada boosted their price objective on shares of QUALCOMM from $77.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. Finally, ValuEngine upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $63.67.
Shares of QUALCOMM opened at $58.82 on Thursday, Marketbeat Ratings reports. QUALCOMM, Inc. has a twelve month low of $48.56 and a twelve month high of $69.28. The stock has a market capitalization of $85.10 billion, a P/E ratio of 15.56, a PEG ratio of 1.84 and a beta of 1.47. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.60 and a quick ratio of 3.46.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.10. QUALCOMM had a negative net margin of 20.16% and a positive return on equity of 16.48%. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.21 billion. During the same quarter in the previous year, the company posted $1.34 EPS. The firm’s revenue for the quarter was down 13.3% on a year-over-year basis. analysts expect that QUALCOMM, Inc. will post 2.71 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, May 30th will be paid a dividend of $0.62 per share. The ex-dividend date is Tuesday, May 29th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.22%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.57. QUALCOMM’s dividend payout ratio is currently 60.32%.
QUALCOMM announced that its board has initiated a share buyback program on Wednesday, May 9th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the wireless technology company to buy up to 12.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
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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