Today, Tocqueville Asset Management L.P. cuts position of Qualcomm Inc. (QCOM)

Today, Tocqueville Asset Management L.P. cuts position of Qualcomm Inc. (QCOM)
Tocqueville Asset Management L.P. lowered its position in shares of Qualcomm Inc. (NASDAQ:QCOM) by 19.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 926,928 shares of the wireless technology company’s stock after selling 226,247 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.06% of Qualcomm worth $63,495,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. APG Asset Management N.V. boosted its stake in Qualcomm by 9.3% in the third quarter. APG Asset Management N.V. now owns 3,381,054 shares of the wireless technology company’s stock worth $231,602,000 after buying an additional 287,978 shares during the period. Pineno Levin & Ford Asset Management Inc. boosted its stake in Qualcomm by 0.7% in the third quarter. Pineno Levin & Ford Asset Management Inc. now owns 48,494 shares of the wireless technology company’s stock worth $3,322,000 after buying an additional 360 shares during the period. State of Wisconsin Investment Board boosted its stake in Qualcomm by 16.4% in the third quarter. State of Wisconsin Investment Board now owns 1,893,817 shares of the wireless technology company’s stock worth $129,726,000 after buying an additional 266,410 shares during the period. Eagle Ridge Investment Management boosted its stake in Qualcomm by 9.7% in the third quarter. Eagle Ridge Investment Management now owns 204,531 shares of the wireless technology company’s stock worth $14,010,000 after buying an additional 18,128 shares during the period. Finally, Nippon Life Insurance Co. boosted its stake in Qualcomm by 0.6% in the third quarter. Nippon Life Insurance Co. now owns 55,934 shares of the wireless technology company’s stock worth $3,831,000 after buying an additional 328 shares during the period. Institutional investors own 77.86% of the company’s stock.

Qualcomm Inc. (NASDAQ:QCOM) remained flat at $68.13 during mid-day trading on Thursday. The company has a market cap of $100.62 billion, a P/E ratio of 17.88 and a beta of 1.36. Qualcomm Inc. has a 52-week low of $42.24 and a 52-week 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 released its quarterly earnings data on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15. Qualcomm had a net margin of 24.22% and a return on equity of 19.31%. The firm had revenue of $9.17 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same period last year, the firm earned $0.91 earnings per share. The business’s quarterly revenue was up 68.2% compared to the same quarter last year. Equities analysts predict that Qualcomm Inc. will post $4.76 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Monday, November 28th. Qualcomm’s dividend payout ratio (DPR) is 55.64%.

A number of equities research analysts have issued reports on the stock. Vetr cut shares of Qualcomm from a “strong-buy” rating to a “buy” rating and set a $76.04 price target for the company. in a report on Tuesday. Morgan Stanley cut shares of Qualcomm from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $67.88 to $65.00 in a report on Thursday, November 10th. They noted that the move was a valuation call. Cowen and Company reiterated an “outperform” rating and issued a $74.00 target price on shares of Qualcomm in a research note on Monday, November 7th. Canaccord Genuity reiterated a “buy” rating and issued a $81.00 target price on shares of Qualcomm in a research note on Friday, November 4th. Finally, Pacific Crest reiterated a “buy” rating and issued a $83.00 target price on shares of Qualcomm in a research note on Thursday, November 3rd. Seventeen equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $66.03.

In other news, President Derek K. Aberle sold 20,874 shares of the stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $62.81, for a total value of $1,311,095.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Matthew S. Grob sold 74,000 shares of the stock in a transaction dated Thursday, September 29th. The shares were sold at an average price of $66.63, for a total transaction of $4,930,620.00. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

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