Today, Advisors Asset Management Inc. Raises Stake in Qualcomm Inc. (QCOM)

Today, Advisors Asset Management Inc. Raises Stake in Qualcomm Inc. (QCOM)
Advisors Asset Management Inc. raised its stake in Qualcomm Inc. (NASDAQ:QCOM) by 3.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 350,038 shares of the wireless technology company’s stock after buying an additional 13,017 shares during the period. Advisors Asset Management Inc.’s holdings in Qualcomm were worth $23,978,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its position in Qualcomm by 9.2% in the second quarter. FMR LLC now owns 56,983,582 shares of the wireless technology company’s stock valued at $3,052,610,000 after buying an additional 4,823,120 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in Qualcomm by 5.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 21,598,005 shares of the wireless technology company’s stock valued at $1,157,005,000 after buying an additional 1,086,071 shares during the last quarter. Primecap Management Co. CA increased its position in Qualcomm by 6.1% in the second quarter. Primecap Management Co. CA now owns 17,320,124 shares of the wireless technology company’s stock valued at $927,839,000 after buying an additional 989,199 shares during the last quarter. Ameriprise Financial Inc. increased its position in Qualcomm by 128.3% in the second quarter. Ameriprise Financial Inc. now owns 16,884,427 shares of the wireless technology company’s stock valued at $904,477,000 after buying an additional 9,487,905 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its position in Qualcomm by 10.2% in the second quarter. Loomis Sayles & Co. L P now owns 15,439,470 shares of the wireless technology company’s stock valued at $827,092,000 after buying an additional 1,429,375 shares during the last quarter. Hedge funds and other institutional investors own 77.86% of the company’s stock.

Shares of Qualcomm Inc. (NASDAQ:QCOM) remained flat at $68.13 during trading on Thursday. The firm has a market cap of $100.62 billion, a price-to-earnings ratio of 17.88 and a beta of 1.36. Qualcomm Inc. has a 12-month low of $42.24 and a 12-month high of $71.62. The firm has a 50-day moving average price of $67.23 and a 200-day moving average price of $60.60.

Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 2nd. The wireless technology company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.13 by $0.15. The firm had revenue of $9.17 billion for the quarter, compared to analyst estimates of $5.84 billion. Qualcomm had a return on equity of 19.31% and a net margin of 24.22%. The business’s revenue for the quarter was up 68.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 earnings per share. On average, equities analysts forecast that Qualcomm Inc. will post $4.76 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be paid a dividend of $0.53 per share. The ex-dividend date is Monday, November 28th. This represents a $2.12 annualized dividend and a dividend yield of 3.11%. Qualcomm’s dividend payout ratio is currently 55.64%.

Several analysts have recently issued reports on the stock. RBC Capital Markets reiterated a “sector perform” rating and issued a $70.00 target price (up previously from $59.00) on shares of Qualcomm in a research note on Monday, October 3rd. Vetr upgraded shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 target price for the company in a research note on Monday, September 12th. Sanford C. Bernstein reiterated a “hold” rating on shares of Qualcomm in a research note on Thursday, September 8th. Royal Bank Of Canada upped their target price on shares of Qualcomm from $59.00 to $70.00 and gave the stock a “sector perform” rating in a research note on Monday, October 3rd. Finally, Standpoint Research upgraded shares of Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Thursday, August 25th. Seventeen research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Qualcomm has a consensus rating of “Buy” and an average price target of $66.03.

In other news, President Derek K. Aberle sold 20,874 shares of the firm’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $62.81, for a total transaction of $1,311,095.94. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Matthew S. Grob sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $62.30, for a total value of $124,600.00. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

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