Belpointe Asset Management LLC Boosts Holdings in QUALCOMM, Inc. (NASDAQ:QCOM)

Belpointe Asset Management LLC increased its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 92.3% in the third quarter, according to …

QUALCOMM logoBelpointe Asset Management LLC increased its holdings in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 92.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 19,684 shares of the wireless technology company’s stock after acquiring an additional 9,447 shares during the period. Belpointe Asset Management LLC’s holdings in QUALCOMM were worth $1,418,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of QCOM. Bank of New York Mellon Corp lifted its stake in shares of QUALCOMM by 1,897,041.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,830,615 shares of the wireless technology company’s stock worth $1,500,428,000 after acquiring an additional 20,829,517 shares during the last quarter. Morgan Stanley lifted its stake in shares of QUALCOMM by 163.2% during the 3rd quarter. Morgan Stanley now owns 18,891,278 shares of the wireless technology company’s stock worth $1,360,740,000 after acquiring an additional 11,713,988 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in QUALCOMM during the 3rd quarter valued at $357,926,000. Capital World Investors raised its position in QUALCOMM by 33.5% during the 3rd quarter. Capital World Investors now owns 18,580,637 shares of the wireless technology company’s stock valued at $1,338,363,000 after purchasing an additional 4,662,437 shares in the last quarter. Finally, Millennium Management LLC raised its position in QUALCOMM by 121.1% during the 2nd quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock valued at $182,666,000 after purchasing an additional 1,782,585 shares in the last quarter. 89.58% of the stock is owned by hedge funds and other institutional investors.

QCOM stock traded up $0.70 on Friday, hitting $57.50. 12,022,865 shares of the company’s stock were exchanged, compared to its average volume of 12,113,758. QUALCOMM, Inc. has a 12-month low of $48.56 and a 12-month high of $76.50. The company has a debt-to-equity ratio of 16.56, a current ratio of 1.55 and a quick ratio of 1.40. The company has a market cap of $68.62 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 1.73 and a beta of 1.40.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.20. QUALCOMM had a positive return on equity of 26.21% and a negative net margin of 21.40%. The firm had revenue of $5.83 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the business earned $0.92 EPS. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. As a group, equities research analysts anticipate that QUALCOMM, Inc. will post 3.53 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 20th. Investors of record on Thursday, December 6th were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 4.31%. QUALCOMM’s dividend payout ratio (DPR) is 77.74%.

QCOM has been the subject of a number of research analyst reports. Canaccord Genuity decreased their target price on QUALCOMM from $88.00 to $86.00 and set a “buy” rating for the company in a research report on Tuesday, September 25th. Barclays initiated coverage on QUALCOMM in a research report on Thursday, September 13th. They set an “overweight” rating and a $95.00 target price for the company. Deutsche Bank lifted their target price on QUALCOMM to $70.00 and gave the company a “hold” rating in a research report on Wednesday, September 19th. BidaskClub lowered QUALCOMM from a “buy” rating to a “hold” rating in a research report on Wednesday, September 26th. Finally, Morgan Stanley raised QUALCOMM from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 15th. Twelve equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $70.44.

In other QUALCOMM news, EVP Donald J. Rosenberg sold 6,297 shares of the business’s stock in a transaction dated Friday, November 23rd. The stock was sold at an average price of $55.22, for a total transaction of $347,720.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Alexander H. Rogers sold 853 shares of the business’s stock in a transaction dated Monday, October 29th. The shares were sold at an average price of $63.50, for a total value of $54,165.50. Following the sale, the executive vice president now owns 4,344 shares in the company, valued at approximately $275,844. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,521 shares of company stock worth $2,030,355. 0.24% of the stock is owned by company insiders.

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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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