HGK Asset Management Inc. Takes Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Geronimo Vena
Agosto 7, 2017

The firm owned 9,459 shares of the wireless technology company's stock after buying an additional 42 shares during the period. North Star Investment Management Corp.'s holdings in QUALCOMM were worth $522,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in QCOM. ARK Investment Management LLC acquired a new stake in shares of QUALCOMM during the fourth quarter valued at about $507,000. They presently have a $67.00 target price on the wireless technology company's stock, up from their prior target price of $61.00. Norges Bank purchased a new stake in QUALCOMM during the fourth quarter valued at approximately $922,599,000.

North Star Investment Management Corp. raised its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,078 shares of the wireless technology company's stock after selling 2,625 shares during the period. First Eagle Investment Management, LLC now holds 1,495,038 shares with a value of $82,556,000. Fred Alger Management Inc. now owns 1,425,214 shares of the wireless technology company's stock worth $92,924,000 after buying an additional 779,587 shares during the period.

QUALCOMM Incorporated (NASDAQ:QCOM)'s stock had its "positive" rating reaffirmed by analysts at Susquehanna Bancshares Inc in a report issued on Sunday, June 18th. 8,677,902 shares of the company were exchanged. QUALCOMM Incorporated has a 12 month low of $51.05 and a 12 month high of $71.62. The firm has a market cap of $77.67 billion, a price-to-earnings ratio of 20.15 and a beta of 1.29.

Company shares last traded at $52.62 just below $55.44, the stock's 50 day moving average and slightly below the 200 day moving average of $56.02.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 19th. The wireless technology company reported $1.34 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $1.05 by $0.29. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The company had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. QUALCOMM's revenue for the quarter was down 11.1% on a year-over-year basis. Equities analysts predict that QUALCOMM Incorporated will post $4.16 earnings per share for the current fiscal year.

Additionally QUALCOMM Incorporated announced a dividend for shareholders that will be paid on Wednesday the 20th of September 2017. Investors of record on Wednesday, August 30th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM's payout ratio is now 87.36%.

COPYRIGHT VIOLATION WARNING: This piece of content was first posted by Community Financial News and is the property of of Community Financial News. If you are viewing this piece on another publication, it was stolen and reposted in violation of USA and worldwide copyright legislation. UBS AG reissued a "neutral" rating and set a $58.00 price objective on shares of QUALCOMM in a research note on Tuesday, May 2nd. BidaskClub cut QUALCOMM from a "sell" rating to a "strong sell" rating in a report on Wednesday, July 5th.

Equity analyst JP Morgan raised the price target and downgraded the stock on December 14 boosting the price target from $55.00 to $70.00 and changing the rating from "Overweight" to "Neutral". Finally, BMO Capital Markets reissued a "market perform" rating and issued a $54.00 target price on shares of QUALCOMM in a report on Monday, July 10th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of "Hold" and a consensus target price of $63.96.

In related news, President Derek K. Aberle sold 23,104 shares of the company's stock in a transaction on Monday, July 10th. The shares were sold at an average price of $55.38, for a total value of $1,279,499.52. The President now owns $324,250 of the stock as reported to the SEC. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Donald J. Rosenberg sold 10,701 shares of QUALCOMM stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $57.28, for a total value of $26,921.60. WealthTrust Axiom LLC now owns 5,804 shares of the wireless technology company's stock worth $332,000 after buying an additional 15 shares during the last quarter. The disclosure for this sale can be found here.

As of quarter end Tocqueville Asset Management L.p. had sold a total of 759 shares trimming its holdings by 0.1%. Following the transaction, the executive vice president now directly owns 3,049 shares in the company, valued at $174,646.72.

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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