New York State Teachers Retirement System cut its position in Qualcomm Inc. (NASDAQ:QCOM) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,840,481 shares of the wireless technology company’s stock after selling 88,439 shares during the period. New York State Teachers Retirement System owned approximately 0.19% of Qualcomm worth $152,165,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. CapWealth Advisors LLC raised its stake in shares of Qualcomm by 37.8% in the first quarter. CapWealth Advisors LLC now owns 2,188 shares of the wireless technology company’s stock worth $112,000 after buying an additional 600 shares during the last quarter. Americafirst Capital Management LLC acquired a new stake in shares of Qualcomm during the second quarter worth about $121,000. Delta Asset Management LLC TN raised its stake in shares of Qualcomm by 12.8% in the second quarter. Delta Asset Management LLC TN now owns 2,417 shares of the wireless technology company’s stock worth $129,000 after buying an additional 275 shares during the last quarter. Zions Bancorporation raised its stake in shares of Qualcomm by 287.3% in the first quarter. Zions Bancorporation now owns 3,013 shares of the wireless technology company’s stock worth $155,000 after buying an additional 2,235 shares during the last quarter. Finally, GWM Advisors LLC acquired a new stake in shares of Qualcomm during the second quarter worth about $214,000. Institutional investors and hedge funds own 78.05% of the company’s stock.
Qualcomm Inc. (NASDAQ:QCOM) traded down 1.21% on Friday, reaching $62.75. 7,794,722 shares of the company were exchanged. Qualcomm Inc. has a 52 week low of $42.24 and a 52 week high of $64.00. The stock has a 50-day moving average price of $62.52 and a 200 day moving average price of $55.82. The stock has a market capitalization of $92.47 billion, a price-to-earnings ratio of 18.37 and a beta of 1.22.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same period in the prior year, the firm posted $0.99 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. Analysts forecast that Qualcomm Inc. will post $4.30 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Monday, August 29th. Qualcomm’s dividend payout ratio (DPR) is 62.17%.
A number of brokerages have issued reports on QCOM. Royal Bank Of Canada increased their price target on Qualcomm from $55.00 to $59.00 and gave the stock an “outperform” rating in a research note on Thursday, July 21st. Vetr upgraded Qualcomm from a “hold” rating to a “buy” rating and set a $57.12 price target for the company in a research note on Wednesday, June 1st. Nomura reiterated a “neutral” rating and issued a $55.00 price target on shares of Qualcomm in a research note on Thursday, July 21st. Sanford C. Bernstein reiterated a “hold” rating on shares of Qualcomm in a research note on Thursday, September 8th. Finally, Stifel Nicolaus raised their price objective on Qualcomm from $59.00 to $67.00 and gave the company a “buy” rating in a research report on Thursday, July 21st. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $62.02.
In other Qualcomm news, EVP James H. Thompson sold 10,000 shares of the firm’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $60.94, for a total transaction of $609,400.00. Following the transaction, the executive vice president now directly owns 59,497 shares of the company’s stock, valued at approximately $3,625,747.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Matthew S. Grob sold 15,000 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $63.25, for a total transaction of $948,750.00. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.
Qualcomm Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.