Meridian Management Co. increased its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 81.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,590 shares of the wireless technology company’s stock after buying an additional 3,850 shares during the quarter. Meridian Management Co.’s holdings in QUALCOMM were worth $482,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of QCOM. Aristotle Capital Management LLC acquired a new stake in shares of QUALCOMM in the 1st quarter valued at $105,000. Squar Milner Financial Services LLC acquired a new stake in shares of QUALCOMM in the 2nd quarter valued at $106,000. We Are One Seven LLC acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $119,000. Institutional & Family Asset Management LLC acquired a new stake in shares of QUALCOMM in the 1st quarter valued at $121,000. Finally, Point72 Asia Hong Kong Ltd boosted its holdings in shares of QUALCOMM by 318.9% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock valued at $138,000 after purchasing an additional 1,891 shares in the last quarter. 77.50% of the stock is currently owned by institutional investors and hedge funds.
QCOM has been the topic of a number of research analyst reports. ValuEngine downgraded QUALCOMM from a “buy” rating to a “hold” rating in a report on Monday, April 23rd. Canaccord Genuity reaffirmed a “buy” rating and issued a $79.00 target price (down previously from $86.00) on shares of QUALCOMM in a report on Friday, April 20th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $75.00 target price on shares of QUALCOMM in a report on Tuesday, April 24th. BMO Capital Markets reduced their target price on QUALCOMM from $70.00 to $55.00 and set a “market perform” rating on the stock in a report on Thursday, April 26th. Finally, Stifel Nicolaus reduced their target price on QUALCOMM from $56.00 to $54.00 and set a “hold” rating on the stock in a report on Thursday, April 26th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the stock. QUALCOMM currently has an average rating of “Hold” and a consensus price target of $66.80.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.30. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same period in the prior year, the company earned $0.83 EPS. QUALCOMM’s revenue was up 5.7% compared to the same quarter last year. analysts expect that QUALCOMM, Inc. will post 3.12 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Stockholders of record on Wednesday, September 5th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Tuesday, September 4th. QUALCOMM’s payout ratio is 65.61%.
QUALCOMM declared that its Board of Directors has initiated a stock buyback program on Wednesday, May 9th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the wireless technology company to repurchase up to 12.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Alexander H. Rogers sold 828 shares of the firm’s stock in a transaction on Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the completion of the transaction, the executive vice president now directly owns 7,170 shares of the company’s stock, valued at approximately $454,578. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 1,052 shares of the firm’s stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $59.55, for a total value of $62,646.60. Following the transaction, the executive vice president now directly owns 8,787 shares of the company’s stock, valued at $523,265.85. The disclosure for this sale can be found here. Insiders sold a total of 2,669 shares of company stock valued at $159,760 over the last quarter. 0.17% of the stock is 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.
Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QUALCOMM, Inc. (NASDAQ:QCOM).
Receive News & Ratings for QUALCOMM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for QUALCOMM and related companies with MarketBeat.com's FREE daily email newsletter.