Matthews International Capital Management Lowers stake in QUALCOMM (QCOM)

QUALCOMM (QCOM) : Matthews International Capital Management reduced its stake in QUALCOMM by 1.49% during the most recent quarter end. The investment management company now holds a total of 1,987,400 shares of QUALCOMM which is valued at $102 Million after selling 30,100 shares in QUALCOMM , the firm said in a disclosure report filed with the SEC on May 12, 2016.QUALCOMM makes up approximately 4.72% of Matthews International Capital Management’s portfolio.

Other Hedge Funds, Including , Cibc World Markets Corp reduced its stake in QCOM by selling 36,445 shares or 28.91% in the most recent quarter. The Hedge Fund company now holds 89,635 shares of QCOM which is valued at $4.6 Million. QUALCOMM makes up approx 0.15% of Cibc World Markets Corp’s portfolio.Provise Management Group reduced its stake in QCOM by selling 595 shares or 4.0% in the most recent quarter. The Hedge Fund company now holds 14,285 shares of QCOM which is valued at $733,106. QUALCOMM makes up approx 0.15% of Provise Management Group’s portfolio.Cooke Bieler Lp reduced its stake in QCOM by selling 152,043 shares or 89.84% in the most recent quarter. The Hedge Fund company now holds 17,200 shares of QCOM which is valued at $882,704. QUALCOMM makes up approx 0.02% of Cooke Bieler Lp’s portfolio. Hamlin Capital Management added QCOM to its portfolio by purchasing 984,241 company shares during the most recent quarter which is valued at $50.1 Million. QUALCOMM makes up approx 2.57% of Hamlin Capital Management’s portfolio.Nordea Investment Management Ab reduced its stake in QCOM by selling 138,521 shares or 14.27% in the most recent quarter. The Hedge Fund company now holds 832,306 shares of QCOM which is valued at $42 Million. QUALCOMM makes up approx 0.13% of Nordea Investment Management Ab’s portfolio.

QUALCOMM opened for trading at $52.97 and hit $54.58 on the upside on Friday, eventually ending the session at $54.52, with a gain of 3.34% or 1.76 points. The heightened volatility saw the trading volume jump to 1,40,03,633 shares. Company has a market cap of $80,085 M.

On the company’s financial health, QUALCOMM reported $1.04 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $0.96. The company had revenue of $5551.00 million for the quarter, compared to analysts expectations of $5334.52 million. The company’s revenue was down -19.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.40 EPS.

Investors should note that on Apr 8, 2016, QUALCOMM announced a cash dividend of $0.5300. The company’s management has announced May 27, 2016 as the ex-dividend date and fixed the record date on Jun 1, 2016. The payable date has been fixed on Jun 22, 2016.

Many Wall Street Analysts have commented on QUALCOMM. Credit Agricole Initiated QUALCOMM on May 17, 2016 to “Outperform”, Price Target of the shares are set at $65.Rosenblatt Downgraded QUALCOMM on Apr 21, 2016 to ” Neutral”, Price Target of the shares are set at $57.Company shares were Reiterated by Mizuho on Apr 12, 2016 to “Neutral”, Firm has raised the Price Target to $ 49 from a previous price target of $47 .

Qualcomm Incorporated (Qualcomm) is engaged in providing third-generation (3G) fourth-generation (4G) and next-generation wireless technologies. The Company’s products include 2net AllPlay Brew Gobi Halo HealthyCircles Hy-Fi IPQ IZat Pixtronix Powerline QChat QLearn Small Cells Snapdragon Vive RaptorQ Vuforia and WiPower. AllPlay helps manufacturers create devices and services. It also helps developers create Android and iPhone operating system (iOS) music streaming applications. The Company’s Brew platform enables feature phone applications such as gaming messaging Web browsing and social networking. Qualcomm Gobi modems connect users devices to 3G 4G and 4G long-term evolution (LTE) networks. Qualcomm Halo technology eliminates the need for plug-in cords for recharging in electric and hybrid vehicles. Qualcomm Powerline solutions turn electrical outlets into broadband connection points creating networks by plugging in.

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