Equity Investment Corp GA cut its stake in Qualcomm Inc. (NASDAQ:QCOM) by 6.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,156,762 shares of the wireless technology company’s stock after selling 83,437 shares during the period. Qualcomm accounts for approximately 2.5% of Equity Investment Corp GA’s holdings, making the stock its 23rd largest position. Equity Investment Corp GA owned 0.08% of Qualcomm worth $79,238,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC bought a new position in shares of Qualcomm during the first quarter valued at approximately $14,619,000. Magnetar Financial LLC acquired a new stake in Qualcomm during the first quarter valued at $217,000. Logan Capital Management Inc. boosted its stake in Qualcomm by 0.8% in the first quarter. Logan Capital Management Inc. now owns 23,686 shares of the wireless technology company’s stock valued at $1,211,000 after buying an additional 184 shares during the last quarter. Cullinan Associates Inc. boosted its stake in Qualcomm by 54.4% in the first quarter. Cullinan Associates Inc. now owns 35,750 shares of the wireless technology company’s stock valued at $1,828,000 after buying an additional 12,600 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new stake in Qualcomm during the first quarter valued at $5,792,000. Institutional investors and hedge funds own 77.86% of the company’s stock.
Shares of Qualcomm Inc. (NASDAQ:QCOM) traded up 0.23% during trading on Friday, reaching $68.29. The company had a trading volume of 4,200,136 shares. The company has a market capitalization of $100.86 billion, a PE ratio of 17.92 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 stock’s 50-day moving average price is $67.26 and its 200-day moving average price is $60.72.
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 the Zacks’ consensus estimate of $1.13 by $0.15. The business earned $9.17 billion during 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 company’s revenue was up 68.2% on a year-over-year basis. During the same quarter last year, the business posted $0.91 EPS. On average, equities analysts expect that Qualcomm Inc. will post $4.76 EPS for the current fiscal year.
The business 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 dividend of $0.53 per share. The ex-dividend date is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.10%. Qualcomm’s payout ratio is currently 55.64%.
Several analysts have weighed in on QCOM shares. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $70.00 price target (up previously from $59.00) on shares of Qualcomm in a report on Monday, October 3rd. Vetr raised Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 price target on the stock in a report on Monday, September 12th. Sanford C. Bernstein reaffirmed a “hold” rating on shares of Qualcomm in a report on Thursday, September 8th. Royal Bank Of Canada raised their price objective on Qualcomm from $59.00 to $70.00 and gave the company a “sector perform” rating in a report on Monday, October 3rd. Finally, Standpoint Research raised Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a report on Thursday, August 25th. Seventeen analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $66.03.
In other Qualcomm news, President Derek K. Aberle sold 20,874 shares of Qualcomm stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $62.81, for a total transaction of $1,311,095.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Matthew S. Grob sold 74,000 shares of Qualcomm stock in a transaction dated Thursday, September 29th. The shares were sold at an average price of $66.63, for a total value of $4,930,620.00. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.