DAVENPORT & Co LLC Sells 9,874 Shares of QUALCOMM, Inc. (NASDAQ:QCOM)

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DAVENPORT & Co LLC trimmed its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 43.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,734 shares of the wireless technology company’s stock after selling 9,874 shares during the period. DAVENPORT & Co LLC’s holdings in QUALCOMM were worth $969,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. HL Financial Services LLC boosted its holdings in QUALCOMM by 0.6% in the first quarter. HL Financial Services LLC now owns 20,371 shares of the wireless technology company’s stock valued at $1,162,000 after acquiring an additional 128 shares during the last quarter. Harrington Investments INC boosted its holdings in QUALCOMM by 1.1% in the first quarter. Harrington Investments INC now owns 13,751 shares of the wireless technology company’s stock valued at $784,000 after acquiring an additional 150 shares during the last quarter. Evolution Wealth Advisors LLC boosted its holdings in QUALCOMM by 4.6% in the first quarter. Evolution Wealth Advisors LLC now owns 3,518 shares of the wireless technology company’s stock valued at $201,000 after acquiring an additional 154 shares during the last quarter. Atlas Brown Inc. boosted its holdings in QUALCOMM by 3.5% in the first quarter. Atlas Brown Inc. now owns 5,305 shares of the wireless technology company’s stock valued at $303,000 after acquiring an additional 179 shares during the last quarter. Finally, Berman Capital Advisors LLC boosted its holdings in QUALCOMM by 18.3% in the first quarter. Berman Capital Advisors LLC now owns 1,166 shares of the wireless technology company’s stock valued at $65,000 after acquiring an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 77.19% of the company’s stock.

In related news, SVP Erin L. Polek sold 1,478 shares of QUALCOMM stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $70.36, for a total value of $103,992.08. Following the sale, the senior vice president now owns 1,386 shares of the company’s stock, valued at approximately $97,518.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.11% of the stock is currently owned by company insiders.

QCOM has been the topic of several recent research reports. Citigroup raised their price target on QUALCOMM from $55.00 to $85.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. raised their price target on QUALCOMM from $88.00 to $96.00 and gave the company a “positive” rating in a report on Thursday, May 2nd. Macquarie set a $90.00 target price on QUALCOMM and gave the company a “buy” rating in a research note on Thursday, May 23rd. Goldman Sachs Group started coverage on QUALCOMM in a research note on Thursday, May 23rd. They issued a “neutral” rating and a $73.00 target price on the stock. Finally, Raymond James raised QUALCOMM from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $85.00 to $115.00 in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $79.93.

NASDAQ QCOM opened at $71.16 on Friday. The firm has a market cap of $86.17 billion, a P/E ratio of 22.31, a P/E/G ratio of 1.90 and a beta of 1.62. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.77 and a quick ratio of 1.61. The stock’s 50-day moving average is $74.18 and its 200-day moving average is $67.41. QUALCOMM, Inc. has a one year low of $49.10 and a one year high of $90.34.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.02. QUALCOMM had a return on equity of 112.21% and a net margin of 13.41%. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter last year, the firm posted $1.01 earnings per share. QUALCOMM’s revenue was down 12.7% compared to the same quarter last year. Equities analysts anticipate that QUALCOMM, Inc. will post 2.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Wednesday, September 11th. QUALCOMM’s dividend payout ratio is presently 77.74%.

About QUALCOMM

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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