Longer Investments Exits Position in QUALCOMM (QCOM)

QUALCOMM (QCOM) : Longer Investments has sold out all of its stake in QUALCOMM during the most recent quarter, according to the disclosure filed by the company on Jul 19, 2016 with the SEC. The investment management company has sold out 39,770 shares of QUALCOMM which is valued at $2,219,961.

Other Hedge Funds, Including , St. Johns Investment Management Company boosted its stake in QCOM in the latest quarter, The investment management firm added 397 additional shares and now holds a total of 15,415 shares of QUALCOMM which is valued at $860,465. QUALCOMM makes up approx 0.75% of St. Johns Investment Management Company’s portfolio.Leavell Investment Management reduced its stake in QCOM by selling 1,050 shares or 7.17% in the most recent quarter. The Hedge Fund company now holds 13,590 shares of QCOM which is valued at $758,594. QUALCOMM makes up approx 0.11% of Leavell Investment Management’s portfolio.Nisa Investment Advisors boosted its stake in QCOM in the latest quarter, The investment management firm added 58,392 additional shares and now holds a total of 582,888 shares of QUALCOMM which is valued at $32,262,851. QUALCOMM makes up approx 0.42% of Nisa Investment Advisors’s portfolio.Capstone Asset Management Co reduced its stake in QCOM by selling 9,250 shares or 2.63% in the most recent quarter. The Hedge Fund company now holds 342,015 shares of QCOM which is valued at $18,752,682. QUALCOMM makes up approx 0.55% of Capstone Asset Management Co’s portfolio. Abner Herrman Brock added QCOM to its portfolio by purchasing 71,207 company shares during the most recent quarter which is valued at $3,904,280. QUALCOMM makes up approx 0.90% of Abner Herrman Brock’s portfolio.

QUALCOMM opened for trading at $55.36 and hit $55.95 on the upside on Wednesday, eventually ending the session at $55.82, with a gain of 1.23% or 0.68 points. The heightened volatility saw the trading volume jump to 1,72,04,320 shares. Company has a market cap of $81,995 M.

On the company’s financial health, QUALCOMM reported $1.16 EPS for the quarter, beating the analyst consensus estimate by $ 0.19 according to the earnings call on Jul 20, 2016. Analyst had a consensus of $0.97. The company had revenue of $6000.00 million for the quarter, compared to analysts expectations of $5578.82 million. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 EPS.

Investors should note that on Jul 12, 2016, QUALCOMM announced a cash dividend of $0.5300. The company’s management has announced Aug 29, 2016 as the ex-dividend date and fixed the record date on Aug 31, 2016. The payable date has been fixed on Sep 21, 2016.

Many Wall Street Analysts have commented on QUALCOMM. Company shares were Reiterated by Mizuho on Jul 21, 2016 to “Neutral”, Firm has raised the Price Target to $ 56 from a previous price target of $50 .Company shares were Reiterated by Cowen on Jul 21, 2016 to “Outperform”, Firm has raised the Price Target to $ 62 from a previous price target of $60 .Company shares were Reiterated by Canaccord Genuity on Jul 21, 2016 to “Buy”, Firm has raised the Price Target to $ 70 from a previous price target of $65 .

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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