The Buckingham Asset Management LLC Raises its position in Qualcomm Inc. (QCOM) as a favorable investment target.

The Buckingham Asset Management LLC Raises its position in Qualcomm Inc. (QCOM) as a favorable investment target.

Buckingham Asset Management LLC raised its position in Qualcomm Inc. (NASDAQ:QCOM) by 115.2% during the second quarter, Holdings Channel reports. The firm owned 10,792 shares of the wireless technology company’s stock after buying an additional 5,776 shares during the period. Buckingham Asset Management LLC’s holdings in Qualcomm were worth $578,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Orbis Allan Gray Ltd acquired a new stake in Qualcomm during the first quarter valued at approximately $865,645,000. Bank of Montreal Can acquired a new stake in Qualcomm during the second quarter valued at approximately $87,048,000. Loomis Sayles & Co. L P raised its stake in Qualcomm by 7.7% in the first quarter. Loomis Sayles & Co. L P now owns 14,010,095 shares of the wireless technology company’s stock valued at $716,476,000 after buying an additional 1,003,767 shares during the last quarter. Wellington Management Group LLP raised its stake in Qualcomm by 22.0% in the first quarter. Wellington Management Group LLP now owns 4,317,467 shares of the wireless technology company’s stock valued at $220,795,000 after buying an additional 779,254 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Qualcomm by 30.2% in the second quarter. American Century Companies Inc. now owns 3,183,031 shares of the wireless technology company’s stock valued at $170,515,000 after buying an additional 737,700 shares during the last quarter. 78.10% of the stock is owned by institutional investors and hedge funds.

Shares of Qualcomm Inc. (NASDAQ:QCOM) traded down 2.41% during mid-day trading on Friday, reaching $68.40. The company’s stock had a trading volume of 17,952,659 shares. The company’s 50 day moving average price is $65.38 and its 200-day moving average price is $58.53. Qualcomm Inc. has a 1-year low of $42.24 and a 1-year high of $71.62. The company has a market capitalization of $100797.52 billion, a price-to-earnings ratio of 19.94 and a beta of 1.25.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be given 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 3.10%. Qualcomm’s dividend payout ratio is currently 62.17%.

QCOM has been the subject of several research reports. Vetr raised shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 price target for the company in a research report on Monday, September 12th. Canaccord Genuity reiterated a “buy” rating and set a $70.00 price objective on shares of Qualcomm in a research note on Monday, August 15th. Zacks Investment Research upgraded Qualcomm from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Tuesday, July 26th. Mizuho upgraded Qualcomm from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, September 29th. Finally, TheStreet downgraded Qualcomm from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Sixteen analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $64.96.

In related news, President Derek K. Aberle sold 20,874 shares of the company’s stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $62.81, for a total value of $1,311,095.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Derek K. Aberle sold 15,000 shares of the company’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $63.55, for a total value of $953,250.00. Following the completion of the sale, the president now directly owns 33,631 shares of the company’s stock, valued at $2,137,250.05. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

About Qualcomm

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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