Wedgewood Partners Inc Lowers stake in QUALCOMM (QCOM)

QUALCOMM (QCOM) : Wedgewood Partners Inc reduced its stake in QUALCOMM by 29.54% during the most recent quarter end. The investment management company now holds a total of 5,949,806 shares of QUALCOMM which is valued at $367,162,528 after selling 2,494,711 shares in QUALCOMM , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.QUALCOMM makes up approximately 6.55% of Wedgewood Partners Inc’s portfolio.

Other Hedge Funds, Including , Outfitter Advisors Ltd. reduced its stake in QCOM by selling 250 shares or 0.97% in the most recent quarter. The Hedge Fund company now holds 25,510 shares of QCOM which is valued at $1,574,222. QUALCOMM makes up approx 0.65% of Outfitter Advisors Ltd.’s portfolio.Engineers Gate Manager Lp reduced its stake in QCOM by selling 87,995 shares or 95.65% in the most recent quarter. The Hedge Fund company now holds 4,000 shares of QCOM which is valued at $246,840. QUALCOMM makes up approx 0.02% of Engineers Gate Manager Lp’s portfolio.Smith Moore reduced its stake in QCOM by selling 968 shares or 12.0% in the most recent quarter. The Hedge Fund company now holds 7,098 shares of QCOM which is valued at $438,018. QUALCOMM makes up approx 0.17% of Smith Moore’s portfolio. Beaumont Financial Partners added QCOM to its portfolio by purchasing 27,010 company shares during the most recent quarter which is valued at $1,666,787. QUALCOMM makes up approx 0.27% of Beaumont Financial Partners’s portfolio.Sandy Spring Bank reduced its stake in QCOM by selling 17,902 shares or 13.49% in the most recent quarter. The Hedge Fund company now holds 114,804 shares of QCOM which is valued at $7,069,630. QUALCOMM makes up approx 0.78% of Sandy Spring Bank’s portfolio.

QUALCOMM opened for trading at $62.87 and hit $63.5 on the upside on Thursday, eventually ending the session at $63.47, with a gain of 0.63% or 0.4 points. The heightened volatility saw the trading volume jump to 69,06,300 shares. Company has a market cap of $93,532 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.

Many Wall Street Analysts have commented on QUALCOMM. Company shares were Reiterated by Mizuho on Sep 6, 2016 to “Neutral”, Firm has raised the Price Target to $ 59 from a previous price target of $56 .QUALCOMM was Downgraded by Standpoint Research to ” Hold” on Jul 25, 2016. 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 .

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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