Mengis Capital Management Inc. boosted its position in shares of Qualcomm Inc. (NASDAQ:QCOM) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,161 shares of the wireless technology company’s stock after buying an additional 968 shares during the period. Qualcomm makes up approximately 3.5% of Mengis Capital Management Inc.’s portfolio, making the stock its 2nd largest position. Mengis Capital Management Inc.’s holdings in Qualcomm were worth $4,258,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Capital Research Global Investors bought a new position in Qualcomm during the second quarter worth about $774,968,000. 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 worth $904,477,000 after buying an additional 9,487,905 shares during the last quarter. Jennison Associates LLC bought a new position in Qualcomm during the second quarter worth about $393,301,000. Capital World Investors bought a new position in Qualcomm during the second quarter worth about $388,383,000. Finally, 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 worth $3,052,610,000 after buying an additional 4,823,120 shares during the last quarter. 77.86% of the stock is currently owned by institutional investors.
Qualcomm Inc. (NASDAQ:QCOM) traded up 0.23% during trading on Friday, hitting $68.29. The stock had a trading volume of 4,200,136 shares. The stock’s 50-day moving average is $67.26 and its 200-day moving average is $60.72. Qualcomm Inc. has a 52-week low of $42.24 and a 52-week high of $71.62. The stock has a market capitalization of $100.86 billion, a PE ratio of 17.92 and a beta of 1.36.
Qualcomm (NASDAQ:QCOM) last released its earnings results on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.15. Qualcomm had a return on equity of 19.31% and a net margin of 24.22%. The business had revenue of $9.17 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same quarter last year, the firm posted $0.91 earnings per share. The business’s revenue was up 68.2% compared to the same quarter last year. On average, analysts predict that Qualcomm Inc. will post $4.76 earnings per share for the current fiscal year.
The firm also recently announced 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. The ex-dividend date is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a yield of 3.10%. Qualcomm’s payout ratio is 55.64%.
A number of research analysts recently issued reports on the stock. BMO Capital Markets upgraded shares of Qualcomm from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $53.00 to $70.00 in a research report on Friday, October 28th. They noted that the move was a valuation call. RBC Capital Markets restated a “sector perform” rating and set a $70.00 price objective on shares of Qualcomm in a report on Friday, October 28th. Argus restated a “buy” rating and set a $73.00 price objective (up previously from $70.00) on shares of Qualcomm in a report on Friday, September 30th. JPMorgan Chase & Co. restated an “overweight” rating and set a $70.00 price objective (up previously from $63.00) on shares of Qualcomm in a report on Monday, October 3rd. Finally, Royal Bank Of Canada upped their price objective on shares of Qualcomm from $59.00 to $70.00 and gave the stock a “sector perform” rating in a report on Monday, October 3rd. Seventeen research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $66.03.
In other Qualcomm news, EVP Michelle M. Sterling sold 9,810 shares of the stock in a transaction on Monday, November 21st. The stock was sold at an average price of $66.53, for a total value of $652,659.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Derek K. Aberle sold 20,874 shares of the stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $62.81, for a total value of $1,311,095.94. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.
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.