Dubuque Bank & Trust Co. cut its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 22.4% during the third quarter, Holdings Channel reports. The firm owned 2,778 shares of the wireless technology company’s stock after selling 801 shares during the period. Dubuque Bank & Trust Co.’s holdings in QUALCOMM were worth $200,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC grew its holdings in QUALCOMM by 9,686.8% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock worth $105,000 after acquiring an additional 73,523 shares in the last quarter. Squar Milner Financial Services LLC bought a new position in QUALCOMM during the 2nd quarter worth about $106,000. Kiley Juergens Wealth Management LLC grew its holdings in QUALCOMM by 1,760.0% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock worth $133,000 after acquiring an additional 1,760 shares in the last quarter. MinichMacGregor Wealth Management LLC grew its holdings in QUALCOMM by 170.9% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock worth $134,000 after acquiring an additional 1,167 shares in the last quarter. Finally, Enterprise Financial Services Corp grew its holdings in QUALCOMM by 151.8% during the 3rd quarter. Enterprise Financial Services Corp now owns 1,992 shares of the wireless technology company’s stock worth $143,000 after acquiring an additional 1,201 shares in the last quarter. Hedge funds and other institutional investors own 77.33% of the company’s stock.
In related news, EVP Alexander H. Rogers sold 854 shares of the stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $72.18, for a total value of $61,641.72. Following the completion of the transaction, the executive vice president now directly owns 5,197 shares of the company’s stock, valued at approximately $375,119.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Cristiano R. Amon sold 88,625 shares of the stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the transaction, the president now directly owns 58,045 shares of the company’s stock, valued at $3,994,076.45. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock valued at $6,302,079 over the last ninety days. 0.17% of the stock is currently owned by insiders.
QUALCOMM declared that its Board of Directors has approved a stock buyback plan on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the wireless technology company to repurchase up to 34.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Wednesday, December 5th. QUALCOMM’s payout ratio is currently 65.61%.
A number of research firms have recently weighed in on QCOM. Bank of America cut shares of QUALCOMM from a “buy” rating to a “neutral” rating and set a $70.00 price target on the stock. in a report on Wednesday. BidaskClub upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a report on Wednesday, October 24th. Tigress Financial restated a “buy” rating on shares of QUALCOMM in a report on Friday, September 28th. Stifel Nicolaus raised their price target on shares of QUALCOMM from $58.00 to $62.00 and gave the company a “hold” rating in a report on Thursday, September 27th. Finally, Canaccord Genuity lowered their price target on shares of QUALCOMM from $88.00 to $86.00 and set a “buy” rating on the stock in a report on Tuesday, September 25th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $71.87.
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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