The Qualcomm Inc. (QCOM) Position Decreased by First Mercantile Trust Co.

The Qualcomm Inc. (QCOM) Position Decreased by First Mercantile Trust Co.

First Mercantile Trust Co. reduced its stake in Qualcomm Inc. (NASDAQ:QCOM) by 16.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,533 shares of the wireless technology company’s stock after selling 22,599 shares during the period. Qualcomm makes up about 1.0% of First Mercantile Trust Co.’s portfolio, making the stock its 9th largest position. First Mercantile Trust Co.’s holdings in Qualcomm were worth $7,639,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Sterling Global Strategies LLC raised its position in shares of Qualcomm by 0.4% in the second quarter. Sterling Global Strategies LLC now owns 3,951 shares of the wireless technology company’s stock valued at $211,000 after buying an additional 17 shares during the last quarter. Delphi Private Advisors LLC raised its position in shares of Qualcomm by 0.4% in the second quarter. Delphi Private Advisors LLC now owns 4,371 shares of the wireless technology company’s stock valued at $234,000 after buying an additional 19 shares during the last quarter. Sunbelt Securities Inc. raised its position in shares of Qualcomm by 1.0% in the second quarter. Sunbelt Securities Inc. now owns 2,468 shares of the wireless technology company’s stock valued at $132,000 after buying an additional 24 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its position in shares of Qualcomm by 0.5% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,896 shares of the wireless technology company’s stock valued at $262,000 after buying an additional 25 shares during the last quarter. Finally, Greenwich Wealth Management LLC raised its position in shares of Qualcomm by 0.4% in the second quarter. Greenwich Wealth Management LLC now owns 5,851 shares of the wireless technology company’s stock valued at $313,000 after buying an additional 26 shares during the last quarter. 77.86% of the stock is currently owned by institutional investors.

Shares of Qualcomm Inc. (NASDAQ:QCOM) traded up 0.23% during trading on Friday, reaching $68.29. The company’s stock had a trading volume of 4,200,136 shares. The stock’s 50 day moving average price is $67.26 and its 200-day moving average price is $60.72. Qualcomm Inc. has a 12 month low of $42.24 and a 12 month high of $71.62. The firm has a market cap of $100.86 billion, a PE ratio of 17.92 and a beta of 1.36.

Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.15. The company had revenue of $9.17 billion for the quarter, compared to analysts’ expectations of $5.84 billion. Qualcomm had a net margin of 24.22% and a return on equity of 19.31%. The business’s revenue was up 68.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. Equities analysts predict that Qualcomm Inc. will post $4.76 EPS for the current year.

The business 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 dividend on an annualized basis and a dividend yield of 3.10%. Qualcomm’s dividend payout ratio (DPR) is presently 55.64%.

Several brokerages have weighed in on QCOM. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $70.00 target price (up from $63.00) on shares of Qualcomm in a research report on Monday, October 3rd. Cowen and Company reiterated an “outperform” rating and set a $74.00 price target on shares of Qualcomm in a research note on Monday, November 7th. Credit Suisse Group AG reiterated a “buy” rating and set a $70.00 price target on shares of Qualcomm in a research note on Wednesday, August 3rd. Mizuho upgraded Qualcomm from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Thursday, September 29th. Finally, Nomura upgraded Qualcomm from a “neutral” rating to a “buy” rating and upped their price target for the stock from $55.00 to $80.00 in a research note on Monday, October 31st. Seventeen investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target 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 transaction of $1,311,095.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Stiles Barbara Alexander sold 22,000 shares of the stock in a transaction dated Tuesday, November 8th. The stock was sold at an average price of $68.52, for a total transaction of $1,507,440.00. Following the transaction, the director now directly owns 2,440 shares in the company, valued at approximately $167,188.80. 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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