First Interstate Bank Sells 69,090 Shares of QUALCOMM, Inc. (NASDAQ:QCOM)

First Interstate Bank lowered its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 71.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,459 shares of the wireless technology company’s stock after selling 69,090 shares during the period. First Interstate Bank’s holdings in QUALCOMM were worth $2,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in QCOM. Comerica Securities Inc. boosted its stake in QUALCOMM by 1.3% in the 4th quarter. Comerica Securities Inc. now owns 28,376 shares of the wireless technology company’s stock worth $1,615,000 after purchasing an additional 370 shares during the period. Stock Yards Bank & Trust Co. boosted its stake in QUALCOMM by 4.9% in the 1st quarter. Stock Yards Bank & Trust Co. now owns 31,342 shares of the wireless technology company’s stock worth $1,787,000 after purchasing an additional 1,466 shares during the period. Carroll Financial Associates Inc. boosted its stake in QUALCOMM by 9.2% in the 1st quarter. Carroll Financial Associates Inc. now owns 6,320 shares of the wireless technology company’s stock worth $360,000 after purchasing an additional 532 shares during the period. RNC Capital Management LLC boosted its stake in QUALCOMM by 4.7% in the 1st quarter. RNC Capital Management LLC now owns 697,486 shares of the wireless technology company’s stock worth $39,778,000 after purchasing an additional 31,265 shares during the period. Finally, Unison Advisors LLC boosted its stake in QUALCOMM by 1.1% in the 1st quarter. Unison Advisors LLC now owns 19,346 shares of the wireless technology company’s stock worth $1,103,000 after purchasing an additional 209 shares during the period. Hedge funds and other institutional investors own 79.55% of the company’s stock.

Shares of QCOM stock traded up $1.44 on Monday, reaching $74.72. The stock had a trading volume of 2,182,836 shares, compared to its average volume of 11,479,831. The company has a quick ratio of 1.61, a current ratio of 1.77 and a debt-to-equity ratio of 2.46. The firm’s 50-day moving average is $74.13 and its two-hundred day moving average is $67.44. The firm has a market capitalization of $86.51 billion, a price-to-earnings ratio of 23.42, a P/E/G ratio of 1.93 and a beta of 1.62. QUALCOMM, Inc. has a 12 month low of $49.10 and a 12 month high of $90.34.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.02. The company had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.12 billion. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. QUALCOMM’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 EPS. On average, sell-side analysts forecast that QUALCOMM, Inc. will post 2.88 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be issued a $0.62 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.32%. QUALCOMM’s payout ratio is 77.74%.

QCOM has been the subject of a number of recent research reports. Barclays downgraded shares of QUALCOMM from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $90.00 to $75.00 in a research note on Thursday, July 18th. BidaskClub upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a research note on Friday. Edward Jones downgraded shares of QUALCOMM from a “hold” rating to a “sell” rating and set a $69.31 price objective for the company. in a research note on Thursday, May 23rd. Raymond James upgraded shares of QUALCOMM from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $85.00 to $115.00 in a research note on Thursday, May 2nd. Finally, Morgan Stanley upgraded shares of QUALCOMM from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $55.00 to $95.00 in a research note on Tuesday, April 23rd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $79.93.

In other news, SVP Erin L. Polek sold 1,478 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $70.36, for a total value of $103,992.08. Following the sale, the senior vice president now directly owns 1,386 shares of the company’s stock, valued at approximately $97,518.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.11% 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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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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