CIBC World Markets Inc. boosted its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 7.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 302,044 shares of the wireless technology company’s stock after buying an additional 20,321 shares during the quarter. CIBC World Markets Inc.’s holdings in QUALCOMM were worth $16,736,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of QCOM. First Commonwealth Financial Corp PA increased its holdings in shares of QUALCOMM by 6.6% during the 4th quarter. First Commonwealth Financial Corp PA now owns 13,353 shares of the wireless technology company’s stock valued at $855,000 after purchasing an additional 822 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in shares of QUALCOMM by 1.8% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 47,706 shares of the wireless technology company’s stock valued at $3,055,000 after purchasing an additional 840 shares in the last quarter. Lenox Wealth Management Inc. increased its holdings in shares of QUALCOMM by 6.6% during the 4th quarter. Lenox Wealth Management Inc. now owns 14,708 shares of the wireless technology company’s stock valued at $942,000 after purchasing an additional 916 shares in the last quarter. Glenview Trust Co increased its holdings in shares of QUALCOMM by 8.3% during the 1st quarter. Glenview Trust Co now owns 12,083 shares of the wireless technology company’s stock valued at $669,000 after purchasing an additional 921 shares in the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of QUALCOMM by 24.1% during the 1st quarter. Penserra Capital Management LLC now owns 4,864 shares of the wireless technology company’s stock valued at $269,000 after purchasing an additional 944 shares in the last quarter. 76.90% of the stock is owned by institutional investors.
Shares of QCOM opened at $58.70 on Wednesday. QUALCOMM, Inc. has a 52-week low of $48.56 and a 52-week high of $69.28. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.46 and a current ratio of 3.60. The firm has a market cap of $88.76 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 1.92 and a beta of 1.50.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Wednesday, May 30th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend is Tuesday, May 29th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.57. QUALCOMM’s payout ratio is 65.61%.
QUALCOMM declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 9th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to buy up to 12.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Several equities analysts have recently weighed in on QCOM shares. Morgan Stanley started coverage on shares of QUALCOMM in a report on Monday, March 19th. They set an “underweight” rating and a $55.00 target price for the company. Wells Fargo & Co started coverage on shares of QUALCOMM in a report on Friday, March 16th. They set a “market perform” rating for the company. Macquarie cut their target price on shares of QUALCOMM from $70.00 to $55.00 and set a “neutral” rating for the company in a report on Thursday, April 26th. BidaskClub lowered shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Thursday, March 22nd. Finally, UBS Group started coverage on shares of QUALCOMM in a research note on Thursday, April 5th. They issued a “neutral” rating and a $56.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $63.50.
In other QUALCOMM news, EVP Alexander H. Rogers sold 662 shares of QUALCOMM stock in a transaction on Friday, April 27th. The shares were sold at an average price of $50.75, for a total transaction of $33,596.50. Following the sale, the executive vice president now owns 8,132 shares of the company’s stock, valued at approximately $412,699. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Alexander H. Rogers sold 663 shares of QUALCOMM stock in a transaction on Tuesday, March 27th. The stock was sold at an average price of $56.59, for a total transaction of $37,519.17. Following the sale, the executive vice president now directly owns 8,794 shares in the company, valued at approximately $497,652.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,129 shares of company stock worth $1,605,378. 0.24% of the stock is currently owned by corporate insiders.
QUALCOMM Company Profile
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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