First American Bank Buys New Holdings in QUALCOMM, Inc. (QCOM)

First American Bank bought a new position in QUALCOMM, Inc. (NASDAQ:QCOM) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 26,116 shares of the wireless technology company’s stock, valued at approximately $1,881,000.

A number of other institutional investors have also recently modified their holdings of the business. Telemus Capital LLC increased its holdings in QUALCOMM by 8.7% during the second quarter. Telemus Capital LLC now owns 9,860 shares of the wireless technology company’s stock valued at $553,000 after buying an additional 787 shares during the last quarter. Ascension Asset Management LLC increased its holdings in QUALCOMM by 3.2% during the second quarter. Ascension Asset Management LLC now owns 25,542 shares of the wireless technology company’s stock valued at $1,433,000 after buying an additional 800 shares during the last quarter. Accurate Investment Solutions Inc. increased its holdings in QUALCOMM by 1.3% during the third quarter. Accurate Investment Solutions Inc. now owns 62,870 shares of the wireless technology company’s stock valued at $4,529,000 after buying an additional 804 shares during the last quarter. KCM Investment Advisors LLC increased its holdings in QUALCOMM by 7.8% during the second quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock valued at $624,000 after buying an additional 808 shares during the last quarter. Finally, Bradley Foster & Sargent Inc. CT increased its holdings in QUALCOMM by 2.9% during the second quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock valued at $1,670,000 after buying an additional 825 shares during the last quarter. 77.39% of the stock is owned by institutional investors and hedge funds.

QCOM opened at $66.12 on Wednesday. The company has a market capitalization of $105.82 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 2.12 and a beta of 1.66. QUALCOMM, Inc. has a 1-year low of $48.56 and a 1-year high of $76.50. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.30. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.19 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company’s revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 earnings per share. Equities research analysts anticipate that QUALCOMM, Inc. will post 3.12 earnings per share for the current fiscal year.

QUALCOMM declared that its Board of Directors has authorized a share buyback program on Thursday, July 26th that authorizes the company to buyback $30.00 billion in shares. This buyback authorization authorizes the wireless technology company to buy up to 34.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

In related news, EVP Alexander H. Rogers sold 1,306 shares of the company’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $67.37, for a total transaction of $87,985.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Cristiano R. Amon sold 88,625 shares of the company’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the transaction, the president now owns 58,045 shares of the company’s stock, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 91,613 shares of company stock valued at $6,300,408. Company insiders own 0.24% of the company’s stock.

A number of analysts have commented on QCOM shares. Canaccord Genuity upped their target price on shares of QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 23rd. Cowen raised shares of QUALCOMM from a “market perform” rating to an “outperform” rating and upped their target price for the company from $64.00 to $80.00 in a report on Monday, August 6th. Nomura upped their target price on shares of QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, September 4th. Royal Bank of Canada upped their target price on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a report on Friday, September 7th. Finally, Rosenblatt Securities raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and upped their target price for the company from $56.00 to $70.00 in a report on Monday, August 20th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $71.12.

QUALCOMM Company Profile

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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