Parnassus Investments CA boosted its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 62.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 7,809,000 shares of the wireless technology company’s stock after buying an additional 3,000,000 shares during the period. QUALCOMM makes up 1.7% of Parnassus Investments CA’s portfolio, making the stock its 26th largest holding. Parnassus Investments CA owned 0.53% of QUALCOMM worth $404,819,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in QCOM. Westwood Holdings Group Inc. bought a new stake in QUALCOMM in the 2nd quarter valued at about $114,000. Krilogy Financial LLC boosted its holdings in QUALCOMM by 47.0% in the 2nd quarter. Krilogy Financial LLC now owns 2,331 shares of the wireless technology company’s stock valued at $129,000 after purchasing an additional 745 shares during the period. Capstone Investment Advisors Netherlands B.V. bought a new stake in QUALCOMM in the 2nd quarter valued at about $141,000. Jacobi Capital Management LLC boosted its holdings in QUALCOMM by 7.8% in the 2nd quarter. Jacobi Capital Management LLC now owns 2,767 shares of the wireless technology company’s stock valued at $154,000 after purchasing an additional 200 shares during the period. Finally, Penserra Capital Management LLC boosted its holdings in QUALCOMM by 40.7% in the 2nd quarter. Penserra Capital Management LLC now owns 2,912 shares of the wireless technology company’s stock valued at $160,000 after purchasing an additional 842 shares during the period. Institutional investors and hedge funds own 76.20% of the company’s stock.
In related news, EVP Matthew S. Grob sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $60.44, for a total transaction of $1,208,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 919 shares of the firm’s stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $64.32, for a total transaction of $59,110.08. Following the sale, the executive vice president now owns 11,116 shares of the company’s stock, valued at approximately $714,981.12. The disclosure for this sale can be found here. Insiders have sold 29,989 shares of company stock worth $1,868,744 over the last three months. 0.24% of the stock is owned by insiders.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The company had revenue of $5.96 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the firm earned $1.28 earnings per share. The firm’s revenue was down 3.5% on a year-over-year basis. equities research analysts anticipate that QUALCOMM, Inc. will post 3.07 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Wednesday, November 29th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Tuesday, November 28th. QUALCOMM’s payout ratio is currently 138.18%.
A number of brokerages have recently weighed in on QCOM. Vetr raised shares of QUALCOMM from a “buy” rating to a “strong-buy” rating and set a $76.13 price target for the company in a report on Tuesday. BidaskClub downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Stifel Nicolaus downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating and upped their price target for the stock from $65.00 to $75.00 in a report on Tuesday, November 28th. Finally, Royal Bank of Canada increased their price objective on shares of QUALCOMM from $70.00 to $77.00 and gave the company an “outperform” rating in a research note on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $66.06.
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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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