First Citizens Bank & Trust Co. lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,223 shares of the wireless technology company’s stock after selling 994 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in QUALCOMM were worth $1,710,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Eastern Bank bought a new position in QUALCOMM in the second quarter valued at approximately $226,000. PNC Financial Services Group Inc. raised its stake in shares of QUALCOMM by 2.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,027,100 shares of the wireless technology company’s stock valued at $93,683,000 after purchasing an additional 22,098 shares during the period. FormulaFolio Investments LLC raised its stake in shares of QUALCOMM by 53.4% in the 2nd quarter. FormulaFolio Investments LLC now owns 4,720 shares of the wireless technology company’s stock valued at $431,000 after purchasing an additional 1,643 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of QUALCOMM by 16.9% in the second quarter. Sequoia Financial Advisors LLC now owns 10,614 shares of the wireless technology company’s stock valued at $968,000 after purchasing an additional 1,532 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its position in shares of QUALCOMM by 97.5% during the second quarter. Neuberger Berman Group LLC now owns 577,847 shares of the wireless technology company’s stock worth $52,702,000 after buying an additional 285,266 shares during the period. Institutional investors and hedge funds own 74.79% of the company’s stock.
QCOM has been the topic of several research reports. Morgan Stanley boosted their target price on QUALCOMM from $159.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, December 14th. BidaskClub lowered shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 23rd. Raymond James increased their target price on shares of QUALCOMM from $120.00 to $150.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 5th. JPMorgan Chase & Co. set a $160.00 price target on shares of QUALCOMM and gave the company a “buy” rating in a research note on Thursday, November 5th. Finally, Exane BNP Paribas upgraded shares of QUALCOMM from an “underperform” rating to an “outperform” rating and set a $140.00 price objective for the company in a research note on Friday, September 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $146.85.
QCOM opened at $157.42 on Thursday. The company has a debt-to-equity ratio of 4.67, a current ratio of 1.97 and a quick ratio of 1.67. The business has a fifty day simple moving average of $150.40 and a 200 day simple moving average of $124.06. QUALCOMM Incorporated has a 1 year low of $58.00 and a 1 year high of $161.07. The company has a market capitalization of $178.04 billion, a PE ratio of 66.42, a price-to-earnings-growth ratio of 0.89 and a beta of 1.34.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, November 4th. The wireless technology company reported $1.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.28. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The company had revenue of $6.50 billion during the quarter, compared to the consensus estimate of $5.94 billion. During the same quarter last year, the firm earned $0.78 earnings per share. The company’s revenue was up 35.3% on a year-over-year basis. Equities analysts anticipate that QUALCOMM Incorporated will post 3.2 earnings per share for the current fiscal year.
QUALCOMM Incorporated engages in the development and commercialization of foundational technologies and products are used in mobile devices and other wireless products, including network equipment, broadband gateway equipment, consumer electronic devices, and other connected devices worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI).
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