Baker Avenue Asset Management Lp buys $7.8 Million stake in QUALCOMM (QCOM)

QUALCOMM (QCOM) : Baker Avenue Asset Management Lp scooped up 25,673 additional shares in QUALCOMM during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 152,104 shares of QUALCOMM which is valued at $7.8 Million.QUALCOMM makes up approximately 1.19% of Baker Avenue Asset Management Lp’s portfolio.

Other Hedge Funds, Including , Brown Advisory Inc reduced its stake in QCOM by selling 220,623 shares or 7.77% in the most recent quarter. The Hedge Fund company now holds 2,619,181 shares of QCOM which is valued at $134.4 Million. QUALCOMM makes up approx 0.47% of Brown Advisory Inc’s portfolio.Edmond De Rothschild Asset Management (france) reduced its stake in QCOM by selling 95,200 shares or 10.56% in the most recent quarter. The Hedge Fund company now holds 806,427 shares of QCOM which is valued at $41.4 Million. QUALCOMM makes up approx 1.96% of Edmond De Rothschild Asset Management (france)’s portfolio.Barrow Hanley Mewhinney Strauss boosted its stake in QCOM in the latest quarter, The investment management firm added 2,269,284 additional shares and now holds a total of 20,511,934 shares of QUALCOMM which is valued at $1,052.7 Million. QUALCOMM makes up approx 1.60% of Barrow Hanley Mewhinney Strauss’s portfolio. Ausdal Financial Partners sold out all of its stake in QCOM during the most recent quarter. The investment firm sold 1,672 shares of QCOM which is valued $85,138.Pitcairn Co boosted its stake in QCOM in the latest quarter, The investment management firm added 20,345 additional shares and now holds a total of 50,619 shares of QUALCOMM which is valued at $2.6 Million. QUALCOMM makes up approx 0.32% of Pitcairn Co’s portfolio.

QUALCOMM opened for trading at $55.7 and hit $56.27 on the upside on Wednesday, eventually ending the session at $55.98, with a gain of 0.70% or 0.39 points. The heightened volatility saw the trading volume jump to 92,79,652 shares. Company has a market cap of $82,230 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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