Connor Clark & Lunn Investment Management Ltd. Trims Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly reduced its stake in QUALCOMM by 95.1% during the first quarter, owning only 8,102 shares after selling 158,439 shares.
• QUALCOMM reported earnings of $2.77 per share for the last quarter, surpassing estimates by $0.06, and achieved a revenue of $10.37 billion, up 10.4% year-over-year.
• The company announced a quarterly dividend of $0.89, with a yield of 2.3%, to be paid on September 25th, indicating a consistent return to shareholders.

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 95.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,102 shares of the wireless technology company's stock after selling 158,439 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in QUALCOMM were worth $1,245,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WFA Asset Management Corp purchased a new stake in QUALCOMM in the first quarter worth about $27,000. Banque Transatlantique SA purchased a new position in shares of QUALCOMM during the fourth quarter valued at approximately $26,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of QUALCOMM by 70.0% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after purchasing an additional 70 shares during the last quarter. Sunbeam Capital Management LLC bought a new stake in shares of QUALCOMM in the 4th quarter worth approximately $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of QUALCOMM in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 74.35% of the company's stock.

QUALCOMM Trading Down 0.2%

Shares of QUALCOMM stock opened at $157.85 on Friday. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $182.10. The company's fifty day simple moving average is $155.73 and its 200-day simple moving average is $153.60. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38. The stock has a market capitalization of $170.32 billion, a PE ratio of 15.22, a P/E/G ratio of 2.30 and a beta of 1.23.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.06. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The company had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.33 billion. During the same period in the previous year, the business earned $2.33 earnings per share. QUALCOMM's quarterly revenue was up 10.4% compared to the same quarter last year. As a group, equities analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be issued a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, September 4th. QUALCOMM's dividend payout ratio is currently 34.33%.

Analyst Ratings Changes

Several research firms have commented on QCOM. Bank of America dropped their target price on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. JPMorgan Chase & Co. upped their price target on shares of QUALCOMM from $190.00 to $200.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Benchmark cut their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Mizuho decreased their target price on shares of QUALCOMM from $190.00 to $185.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Finally, UBS Group increased their price target on shares of QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a report on Monday, July 21st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, QUALCOMM currently has a consensus rating of "Hold" and a consensus target price of $181.10.

Insider Buying and Selling

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $148.10, for a total transaction of $493,617.30. Following the sale, the chief financial officer directly owned 43,207 shares in the company, valued at $6,398,956.70. This trade represents a 7.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 424,099 shares of company stock valued at $8,352,355. 0.08% of the stock is owned by corporate insiders.

About QUALCOMM

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry 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 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.

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