Impala Asset Management LLC bought a new position in QUALCOMM, Inc. (NASDAQ:QCOM) in the 1st quarter, HoldingsChannel.com reports. The firm bought 167,502 shares of the wireless technology company’s stock, valued at approximately $9,553,000. QUALCOMM accounts for 0.5% of Impala Asset Management LLC’s holdings, making the stock its 28th biggest position.
A number of other hedge funds have also recently modified their holdings of the stock. ACG Wealth lifted its holdings in shares of QUALCOMM by 2.6% during the first quarter. ACG Wealth now owns 7,749 shares of the wireless technology company’s stock valued at $442,000 after acquiring an additional 197 shares during the period. Conning Inc. lifted its holdings in shares of QUALCOMM by 5.7% during the first quarter. Conning Inc. now owns 826,550 shares of the wireless technology company’s stock valued at $47,138,000 after acquiring an additional 44,907 shares during the period. World Asset Management Inc lifted its holdings in shares of QUALCOMM by 18.5% during the first quarter. World Asset Management Inc now owns 91,562 shares of the wireless technology company’s stock valued at $5,222,000 after acquiring an additional 14,322 shares during the period. Epstein & White Financial LLC increased its stake in shares of QUALCOMM by 34.4% in the fourth quarter. Epstein & White Financial LLC now owns 9,752 shares of the wireless technology company’s stock valued at $555,000 after buying an additional 2,495 shares in the last quarter. Finally, Regent Investment Management LLC increased its stake in shares of QUALCOMM by 12.5% in the first quarter. Regent Investment Management LLC now owns 4,492 shares of the wireless technology company’s stock valued at $256,000 after buying an additional 500 shares in the last quarter. 76.38% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on QCOM. Canaccord Genuity raised their target price on QUALCOMM from $89.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Zacks Investment Research upgraded QUALCOMM from a “sell” rating to a “hold” rating in a research note on Monday, May 6th. Deutsche Bank restated a “hold” rating on shares of QUALCOMM in a research note on Monday, April 29th. Bank of America restated a “neutral” rating and issued a $90.00 target price (up from $71.00) on shares of QUALCOMM in a research note on Tuesday, April 30th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $84.00 target price on shares of QUALCOMM in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $79.68.
In other news, SVP Erin L. Polek sold 6,118 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $89.26, for a total transaction of $546,092.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Clark T. Jr. Randt sold 2,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $89.58, for a total value of $179,160.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 949,832 shares of company stock valued at $37,443,538. Corporate insiders own 0.11% of the company’s stock.
Shares of QCOM stock opened at $69.93 on Friday. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.55 and a quick ratio of 1.39. The stock has a market capitalization of $84.60 billion, a P/E ratio of 21.92, a PEG ratio of 1.54 and a beta of 1.59. QUALCOMM, Inc. has a 12 month low of $49.10 and a 12 month high of $90.34.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.07. The firm had revenue of $4.88 billion during 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%. The company’s revenue was down 5.9% on a year-over-year basis. During the same period last year, the company earned $0.80 earnings per share. Equities analysts anticipate that QUALCOMM, Inc. will post 3.31 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 6th will be given a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $2.48 dividend on an annualized basis and a yield of 3.55%. QUALCOMM’s payout ratio is 77.74%.
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.
Further Reading: Beta
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