Canada Pension Plan Investment Board lessened its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM – Get Rating) by 75.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 277,348 shares of the wireless technology company’s stock after selling 861,727 shares during the quarter. Canada Pension Plan Investment Board’s holdings in QUALCOMM were worth $42,384,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of QUALCOMM by 0.8% in the 1st quarter. BlackRock Inc. now owns 82,022,847 shares of the wireless technology company’s stock worth $12,534,730,000 after purchasing an additional 643,310 shares during the period. State Street Corp lifted its stake in shares of QUALCOMM by 3.3% in the 4th quarter. State Street Corp now owns 49,174,315 shares of the wireless technology company’s stock worth $8,992,507,000 after purchasing an additional 1,553,359 shares during the period. Alliancebernstein L.P. lifted its stake in shares of QUALCOMM by 10.6% in the 4th quarter. Alliancebernstein L.P. now owns 20,174,284 shares of the wireless technology company’s stock worth $3,689,271,000 after purchasing an additional 1,934,339 shares during the period. Geode Capital Management LLC lifted its stake in shares of QUALCOMM by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 18,698,509 shares of the wireless technology company’s stock worth $3,410,285,000 after purchasing an additional 265,522 shares during the period. Finally, Norges Bank bought a new position in shares of QUALCOMM in the 4th quarter worth approximately $2,266,923,000. Hedge funds and other institutional investors own 71.55% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on QCOM shares. StockNews.com cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 28th. Wells Fargo & Company cut their price objective on shares of QUALCOMM from $150.00 to $135.00 and set an “equal weight” rating for the company in a report on Monday, July 11th. Mizuho increased their price objective on shares of QUALCOMM from $168.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, July 28th. DZ Bank lowered shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $150.00 price objective for the company. in a report on Friday, July 29th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of QUALCOMM from $190.00 to $170.00 in a report on Wednesday, July 20th. Ten analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.04.
QUALCOMM Stock Up 0.2 %
QUALCOMM (NASDAQ:QCOM – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The wireless technology company reported $2.96 EPS for the quarter, beating the consensus estimate of $2.52 by $0.44. The firm had revenue of $10.93 billion during the quarter, compared to the consensus estimate of $10.85 billion. QUALCOMM had a return on equity of 95.77% and a net margin of 30.52%. The firm’s revenue was up 36.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 EPS. Research analysts anticipate that QUALCOMM Incorporated will post 10.95 EPS for the current fiscal year.
QUALCOMM Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Thursday, September 1st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.33%. The ex-dividend date is Wednesday, August 31st. QUALCOMM’s payout ratio is currently 26.57%.
QUALCOMM Company Profile
QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. The company operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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