First Midwest Bank Trust Division cut its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 37.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,569 shares of the wireless technology company’s stock after selling 3,322 shares during the period. First Midwest Bank Trust Division’s holdings in QUALCOMM were worth $318,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of QUALCOMM by 84.0% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 3,169 shares of the wireless technology company’s stock valued at $181,000 after purchasing an additional 1,447 shares in the last quarter. Jacobs & Co. CA lifted its holdings in shares of QUALCOMM by 1.5% in the first quarter. Jacobs & Co. CA now owns 114,588 shares of the wireless technology company’s stock valued at $6,534,000 after purchasing an additional 1,669 shares in the last quarter. Bristol Advisors LLC lifted its holdings in shares of QUALCOMM by 12.9% in the first quarter. Bristol Advisors LLC now owns 48,100 shares of the wireless technology company’s stock valued at $2,743,000 after purchasing an additional 5,500 shares in the last quarter. Quantamental Technologies LLC bought a new stake in shares of QUALCOMM in the first quarter valued at about $524,000. Finally, Welch & Forbes LLC lifted its holdings in shares of QUALCOMM by 0.3% in the first quarter. Welch & Forbes LLC now owns 170,634 shares of the wireless technology company’s stock valued at $9,731,000 after purchasing an additional 525 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently commented on QCOM. Citigroup boosted their price target on QUALCOMM from $55.00 to $85.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Zacks Investment Research lowered QUALCOMM from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 8th. Canaccord Genuity boosted their price target on QUALCOMM from $89.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Bank of America restated a “neutral” rating and issued a $71.00 price target (up from $60.00) on shares of QUALCOMM in a report on Wednesday, April 17th. Finally, Cowen upped their target price on QUALCOMM from $91.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. QUALCOMM currently has an average rating of “Buy” and an average target price of $83.09.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.07. The business had revenue of $4.88 billion for the quarter, compared to analyst estimates of $4.83 billion. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. QUALCOMM’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 earnings per share. Equities research analysts predict that QUALCOMM, Inc. will post 3.14 EPS for the current year.
In other QUALCOMM news, EVP James H. Thompson sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $50.75, for a total transaction of $2,030,000.00. Following the transaction, the executive vice president now owns 62,301 shares of the company’s stock, valued at $3,161,775.75. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President Cristiano R. Amon sold 13,466 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $60.00, for a total value of $807,960.00. Following the transaction, the president now directly owns 37,614 shares in the company, valued at approximately $2,256,840. The disclosure for this sale can be found here. In the last three months, insiders have sold 902,343 shares of company stock worth $31,869,553. Company insiders own 0.11% of the company’s stock.
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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