Arrowpoint Asset Management LLC decreased its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 40.2% during the fourth quarter, Holdings Channel reports. The fund owned 163,819 shares of the wireless technology company’s stock after selling 110,289 shares during the period. Arrowpoint Asset Management LLC’s holdings in QUALCOMM were worth $10,681,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Jennison Associates LLC increased its stake in shares of QUALCOMM by 139.4% in the third quarter. Jennison Associates LLC now owns 17,576,366 shares of the wireless technology company’s stock valued at $1,203,981,000 after buying an additional 10,234,556 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of QUALCOMM during the third quarter valued at approximately $408,900,000. Capital World Investors increased its stake in shares of QUALCOMM by 57.2% in the third quarter. Capital World Investors now owns 11,400,000 shares of the wireless technology company’s stock valued at $780,900,000 after buying an additional 4,150,000 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of QUALCOMM by 16.5% in the third quarter. BlackRock Fund Advisors now owns 21,432,143 shares of the wireless technology company’s stock valued at $1,468,102,000 after buying an additional 3,035,542 shares during the last quarter. Finally, FMR LLC increased its stake in shares of QUALCOMM by 3.7% in the fourth quarter. FMR LLC now owns 68,251,589 shares of the wireless technology company’s stock valued at $4,450,003,000 after buying an additional 2,439,365 shares during the last quarter. Hedge funds and other institutional investors own 79.28% of the company’s stock.
Shares of QUALCOMM, Inc. (NASDAQ:QCOM) opened at 56.92 on Friday. The company has a market cap of $84.07 billion, a price-to-earnings ratio of 17.36 and a beta of 1.31. QUALCOMM, Inc. has a 12-month low of $49.67 and a 12-month high of $71.62. The stock has a 50 day moving average of $56.41 and a 200 day moving average of $62.90.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, January 25th. The wireless technology company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.01. QUALCOMM had a net margin of 20.56% and a return on equity of 20.25%. The firm earned $5.99 billion during the quarter, compared to analysts’ expectations of $6.12 billion. During the same period last year, the business earned $0.97 earnings per share. QUALCOMM’s revenue was up 3.9% compared to the same quarter last year. Analysts forecast that QUALCOMM, Inc. will post $4.66 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 22nd. Shareholders of record on Wednesday, March 1st were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend was Monday, February 27th. QUALCOMM’s dividend payout ratio (DPR) is presently 64.63%.
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QCOM has been the topic of a number of research reports. Canaccord Genuity reiterated a “buy” rating and issued a $81.00 price target on shares of QUALCOMM in a report on Thursday, January 12th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $80.00 price target on shares of QUALCOMM in a report on Wednesday, January 18th. Morgan Stanley reiterated an “equal weight” rating on shares of QUALCOMM in a report on Wednesday, January 25th. Brean Capital reiterated a “hold” rating on shares of QUALCOMM in a report on Thursday, January 26th. Finally, Vetr downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $74.42 price target on the stock. in a report on Tuesday, January 17th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $66.98.
In other QUALCOMM news, Director Anthony J. Vinciquerra acquired 1,000 shares of the stock in a transaction dated Monday, January 30th. The stock was acquired at an average price of $53.99 per share, with a total value of $53,990.00. Following the completion of the purchase, the director now owns 1,281 shares in the company, valued at approximately $69,161.19. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Cristiano R. Amon acquired 18,815 shares of the stock in a transaction dated Friday, February 3rd. The stock was acquired at an average cost of $53.13 per share, with a total value of $999,640.95. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 22,614 shares of company stock valued at $1,484,029. 0.24% of the stock is currently owned by 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.
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