Stewart Patten Co Lowers stake in QUALCOMM (QCOM)

QUALCOMM (QCOM) : Stewart Patten Co reduced its stake in QUALCOMM by 2.73% during the most recent quarter end. The investment management company now holds a total of 236,304 shares of QUALCOMM which is valued at $13,190,489 after selling 6,639 shares in QUALCOMM , the firm said in a disclosure report filed with the SEC on Jul 18, 2016.QUALCOMM makes up approximately 2.51% of Stewart Patten Co’s portfolio.

Other Hedge Funds, Including , Cribstone Capital Management added QCOM to its portfolio by purchasing 40 company shares during the most recent quarter which is valued at $2,233.Visionary Asset Management boosted its stake in QCOM in the latest quarter, The investment management firm added 494 additional shares and now holds a total of 48,801 shares of QUALCOMM which is valued at $2,701,135. QUALCOMM makes up approx 0.93% of Visionary Asset Management’s portfolio.Douglass Winthrop Advisors reduced its stake in QCOM by selling 10,397 shares or 61.09% in the most recent quarter. The Hedge Fund company now holds 6,623 shares of QCOM which is valued at $363,139. QUALCOMM makes up approx 0.03% of Douglass Winthrop Advisors’s portfolio. Searle sold out all of its stake in QCOM during the most recent quarter. The investment firm sold 8,532 shares of QCOM which is valued $467,810.Chevy Chase Trust Holdings reduced its stake in QCOM by selling 8,335 shares or 0.65% in the most recent quarter. The Hedge Fund company now holds 1,266,955 shares of QCOM which is valued at $68,656,291. QUALCOMM makes up approx 0.38% of Chevy Chase Trust Holdings’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. QUALCOMM was Downgraded by Evercore ISI to ” Hold” on Jul 1, 2016. QUALCOMM was Downgraded by Bernstein to ” Mkt Perform” on Jun 30, 2016. QUALCOMM was Downgraded by Brean Capital to ” Hold” on Jun 9, 2016.

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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