Telos Capital Management Inc. Sells 3,072 Shares of QUALCOMM, Inc. (QCOM)

Telos Capital Management Inc. lessened its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 3.5% in the 3rd quarter, Holdings Channel reports. The firm owned 85,795 shares of the wireless technology company’s stock after selling 3,072 shares during the quarter. QUALCOMM comprises about 2.0% of Telos Capital Management Inc.’s portfolio, making the stock its 8th largest holding. Telos Capital Management Inc.’s holdings in QUALCOMM were worth $6,180,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in QCOM. Bank of New York Mellon Corp grew its holdings in QUALCOMM by 13.4% in the second quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock valued at $1,170,308,000 after purchasing an additional 2,463,511 shares during the last quarter. Parnassus Investments CA grew its holdings in QUALCOMM by 3.6% in the second quarter. Parnassus Investments CA now owns 10,150,000 shares of the wireless technology company’s stock valued at $569,618,000 after purchasing an additional 350,000 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in QUALCOMM by 3.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 9,687,604 shares of the wireless technology company’s stock valued at $543,669,000 after purchasing an additional 323,005 shares during the last quarter. Waddell & Reed Financial Inc. grew its holdings in QUALCOMM by 18.8% in the second quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock valued at $282,280,000 after purchasing an additional 794,924 shares during the last quarter. Finally, Swiss National Bank grew its holdings in QUALCOMM by 3.5% in the second quarter. Swiss National Bank now owns 4,894,065 shares of the wireless technology company’s stock valued at $274,655,000 after purchasing an additional 164,400 shares during the last quarter. Hedge funds and other institutional investors own 77.33% of the company’s stock.

QCOM opened at $62.17 on Tuesday. The company has a current ratio of 2.73, a quick ratio of 2.62 and a debt-to-equity ratio of 0.67. The firm has a market cap of $91.79 billion, a P/E ratio of 16.45, a P/E/G ratio of 2.05 and a beta of 1.66. QUALCOMM, Inc. has a 52 week low of $48.56 and a 52 week high of $76.50.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s payout ratio is currently 65.61%.

QUALCOMM announced that its board has approved a share repurchase plan on Thursday, July 26th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to buy up to 34.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

QCOM has been the topic of several research reports. Royal Bank of Canada upped their target price on QUALCOMM to $77.00 and gave the company an “outperform” rating in a report on Friday, September 7th. BidaskClub lowered QUALCOMM from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Canaccord Genuity lowered their target price on QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a report on Tuesday, September 25th. ValuEngine raised QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Finally, Nomura upped their target price on QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, September 4th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $71.12.

In related news, EVP Alexander H. Rogers sold 854 shares of the stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total transaction of $61,641.72. Following the sale, the executive vice president now owns 5,197 shares of the company’s stock, valued at $375,119.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Cristiano R. Amon sold 88,625 shares of the stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total value of $6,098,286.25. Following the sale, the president now directly owns 58,045 shares in the company, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 90,785 shares of company stock worth $6,247,913. Corporate insiders own 0.24% of the company’s stock.

QUALCOMM 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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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